GST INDIA Biz
GST India .biz — Press Release Details
Detailed GST Press Release Information
Download

Press Release

Date: January 20, 2022
Subject: Centre Releases Advance Tax Devolution to Strengthen States’ Finances
Description:

The Union Finance Minister, Smt. Nirmala Sitharaman, authorised the release of an advance instalment of tax devolution amounting to ₹47,541 crore to State Governments in January 2022, in addition to the regular monthly devolution for the same month. As a result, States received a total of ₹95,082 crore during January 2022, effectively double their normal entitlement for the month. This release followed a similar advance instalment of ₹47,541 crore provided in November 2021, and together the two advance releases ensured that States received an additional ₹90,082 crore over and above the budgeted tax devolution up to January 2022. The measure was undertaken to enhance the fiscal capacity of States and enable them to accelerate capital spending and developmental activities, particularly in the context of recovery from the adverse economic impact of the COVID-19 pandemic. The press release also noted that the Centre had already completed the release of ₹1.59 lakh crore as back-to-back loans to States by October 2021 to compensate for GST revenue shortfalls in FY 2021–22. A detailed State-wise distribution of the tax devolution was appended, underscoring the Government’s continued commitment to cooperative federalism and timely financial support to States.

Other Press Releases

GST Council Constitutes Group of Ministers to Review Revenue Trends under GST

The GST Council, in its 31st meeting held on 22 December 2018 in New Delhi, appr...

Read More
GST Council Finalises Lower GST Rates and Transition Framework for Real Estate Sector

The GST Council, in its 34th meeting held on 19 March 2019 in New Delhi, took ke...

Read More
Decisions of the 35th GST Council Meeting and Key Policy Directions

The 35th meeting of the GST Council, chaired by the Union Finance Minister, was ...

Read More