NEW DELHI – India’s government released an additional 1.09 trillion rupees in tax revenue to state governments on Saturday, advancing money intended to support capital spending and development and welfare programs ahead of the festive season.
The Finance Ministry said the 1,09,019 crore rupee payment was separate from regular monthly tax devolution. It was the second additional installment released in the current financial year, according to the ministry’s statement published October 31.
Uttar Pradesh received the largest allocation in the state-by-state breakdown, at 19,208 crore rupees. Bihar received 10,845 crore, followed by Madhya Pradesh at 8,010 crore and West Bengal at 7,866 crore.
Maharashtra was allocated 7,022 crore rupees, Rajasthan 6,460 crore, Odisha 4,819 crore and Andhra Pradesh 4,597 crore, the ministry said.
The government described the payment as an advance installment designed to let states accelerate capital spending and finance development and welfare-related expenditure. The release is a transfer of tax revenue to state governments, rather than a newly announced reduction in taxes paid by households or businesses.
JBizNews Business Desk | New Delhi
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