New Delhi: The center will release Rs 95,082 Crore to the state on November 22 as the number of tax devices, Minister of Finance Nirmala Sitharaman was announced on Monday.
Give media direction after a virtual meeting with the main minister and finance minister of different countries, Sitharaman said the countries said that it would be very helpful for them if the tax devolution in advance was loaded.
“I have suggested to the Finance Secretary that on November 22, instead of normal monthly installments from the number of tax devices RS 47,541 Crore, I have asked to release Rs 47,541 Crore – total RS 95,082 Crore will be given to countries,” he said.
So, with this, the state will have more money in their hands so they can consider spending it for the creation of infrastructure, he added.
At present, 41 percent of taxes collected are delegated in 14 installments and countries have the predictability of their cash flow, the Financial Secretary said T V.
Somandang.
This is an advance release, and any adjustment will be done in March, he added.
The main ministers of 15 states, deputy head of the 3nd minister of countries, Jammu and Kashmir Lieutenant Governor Manoj Sinha, and finance ministers of other countries participated in a meeting.
Some of them asked the Minister of Finance to increase state capital expenditure.
“Some CMS requests to increase state capital expenditure.
They say it will be very helpful for them to get a part of the tax devolution.
I have directed the Finance Secretary to do this soon,” Sitharaman said at a press conference after meeting.
Nirmala Sitharaman also noted that post-second covid waves, India witnessed strong economic growth.
However, he confirmed that it was also time to see the way to maintain growth and bring it to a double digit.
(With input from the agency)