The Centre on Wednesday released two instalments of tax devolution totalling `1.16 lakh crore to states. This is in line with the commitment of the government to strengthen the hands of states to accelerate their capital and developmental expenditure, a finance ministry statement said.
"The Union Government has released two instalments of tax devolution to State Governments amounting to `1,16,665.75 crore on 10th August, 2022, as against normal monthly devolution of `58,332.86 crore," it said.
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.