Bhubaneswar: The Central government on Monday released Rs 1.18 lakh crore as the third tranche of tax devolution to states/Union Territories, including Rs 5,356 crore to Odisha.
In a press release, the Ministry of Finance said the Union Government has released the third instalment of tax devolution to state governments amounting to Rs 1,18,280 crore on June 12 as against the normal monthly devolution of Rs 59,140 crore.
“One advance instalment in addition to the regular instalment due in June 2023 is being released to States to enable them to speed up capital spending, finance their development/welfare-related expenditure and also to make available resources for priority projects/ schemes,” it stated.
Thanking the Prime Minister and Finance Minister for releasing advance instalment in addition to the regular monthly devolution, Union Education Minister Dharmendra Pradhan in a tweet said, “The advance instalment will allow States/UTs to support their fiscal needs, increase and prioritise their capital spending, give momentum to developmental works and further augment welfare-related expenditures.”
