Tripura receives additional tax devolution of Rs 1006 crore

Agartala (Tripura) [India], March 3 (ANI): In a significant move, the central government released an additional tax devolution, amounting to Rs 1006 crore for the state of Tripura.

The announcement has been met with appreciation from Tripura Chief Minister Manik Saha, who acknowledges the funding’s potential to boost infrastructure and expand the scope of welfare schemes in the state.

“I thank Hon’ble Prime Minister Shri @narendramodi Ji & Hon’ble Finance Minister Smt @nsitharaman Ji for releasing another additional installment of Tax Devolution of Rs 1006 crore to Tripura.

It will help us in further strengthening infrastructure and expanding the scope and reach of welfare schemes,” Tripura CM stated in a post on X.

Earlier, on December 22 the Central government released a sum of 516.56 crore for Tripura.

The Union Government on Thursday authorised the release of two installments of tax devolution amounting to Rs. 1.42 lakh crore to strengthen the hands of State Governments for financing various social welfare measures and infrastructure development schemes.

According to the list of funds released by the Central Government, Uttar Pradesh received the largest share from the Centre’s release of additional installments of tax devolution amounting to Rs 25,495 crores.

This latest release of funds comes as an addition to the tax devolution installment of Rs 71,061 crore that was disbursed earlier on February 12, 2024.

The breakdown of the amounts released to each state reflects a strategic approach towards equitable distribution and targeted support.

From populous states like Uttar Pradesh and Maharashtra to smaller states like Sikkim and Mizoram, every state stands to benefit from this infusion of funds, enabling them to undertake critical development initiatives and address pressing socio-economic challenges.

Notably, according to the rules, the transfer of taxes from the central pool to the states occurs in 14 installments. Eleven installments are released every month over 11 months, while the remaining three installments are released in March.