Centre approves early release of Rs 72,961 cr in tax devolution to states due to festive season
New Delhi: In view of the approaching festive season, the Union Government has granted approval for the disbursement of Rs 72,961.21 crore in tax devolution to State Governments for November 2023, the Ministry of Finance said on Tuesday.
This disbursement, which would typically occur on November 10, will now take place on November 7.
The early release enables State Governments to make in-time releases during the festival season.
This move will empower state governments to make timely allocations, contributing to a heightened sense of joy and celebration among the populace, said the ministry.
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