โน1.09 Lakh Crore Additional Tax Devolution to States
Why in News
The Union Government released an additional โน1,09,019 crore to state governments on 1 August, over and above the regular monthly tax devolution. The additional funds are intended to strengthen state finances and support capital expenditure and infrastructure development.
Highlights
- Additional โน1,09,019 crore released to states.
- Funds were released over and above regular monthly devolution.
- Focus on capital expenditure and infrastructure development.
Important Facts
- The additional tax devolution was released to state governments.
- The funds are expected to strengthen state finances.
- States can use the additional resources to support infrastructure and capital expenditure.
Static GK
- Tax devolution to states is recommended by the Finance Commission.
- The Finance Commission is a constitutional body constituted under Article 280 of the Constitution.
Exam Importance
Tax devolution, Finance Commission recommendations and Centre-State financial relations are important topics for UPSC, SSC, Banking and State PSC examinations.
Memory Trick
Tax Devolution = โน1,09,019 Crore + States + Infrastructure.