Government releases 2 tranches of tax devolution

NEW DELHI: Government has authorised release of two installments of tax devolution amounting to Rs. 1.4 lakh crore on Thursday to strengthen hands of state governments for financing various social welfare measures and infrastructure development schemes. This release is in addition to tax devolution of an installment of Rs 71,061 crore made on February 12. With this release, states have received total of three installments of tax devolution in February, according to the finance ministry.

Uttar Pradesh will receive Rs 25,495 crore, followed hy Bihar which will get Rs 14,295 crore. Madhya Pradesh will receiver Rs 11157 crore and West Bengal Rs 10,692 crore. The release of the tex devolution comes ahead of the national elections likely to be held in April-May.