Mokokchung, March 11 (MTNews): The Central Government has issued the fourteenth installment of tax devolution to state governments, totaling 1,40,318 crore rupees.
The Ministry of Finance stated in a statement that this sum is in addition to the normal monthly allocation of 70,159 crore rupees.
This is consistent with the Union government’s aim to strengthen the hands of states in order to expedite capital and development expenditure, it added.
Today, 41% of taxes collected by the Centre are devolved to states in 14 payments over the course of a fiscal year. Nagaland received 802 crore rupees, according to a state-by-state breakdown of the funds distributed.