Centre releases Advance due tax to states

Centre Releases Advance Due Tax To States
Fm Nirmala Sitaraman

Centre releases Advance due tax to states, Hyderabad: In an unforeseen relief to the states, the Centre on Thursday launched tax devolution of two months, including one a month beforehand, to overcome the monetary crisis brought on by Covid-19 and related limitations.

Accordingly, Telangana state got Rs 1,998 crore, 2 instalments of Rs 991.31 each, and Andhra Pradesh Rs 3,847 crore.

Union finance minister Nirmala Sitharaman authorised the release of Rs 47,541 crore advance tax devolution to all states, which remains in addition to the regular devolution for January this year.

The tax devolution to Telangana till November end was Rs 8,466 crore. The state received Finance Commission Grants of Rs 1,251.13 crore till November-end and other releases of Rs 27,498.61 crore till October-end.

Telangana also received GST shortage of Rs 2,380 crore for 2020-21 and Rs 4,569.49 crore for 2021-22 as loan from the Centre through a special GST payment window.

Published at Thu, 20 Jan 2022 13:05:32 -0500

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