Finance Ministry Sanctions Rs 46,038 Crore as States’ Share in Taxes For April
The Finance Ministry on Monday said it has sanctioned Rs 46,038 crore for the devolution of states’ share in central taxes and duties for April.
In a tweet the ministry said to assist states effectively address situation arising out of COVID-19 pandemic, as a special dispensation, the calculation of net proceeds of shareable taxes has been kept unchanged as per Budget 2020-21.
The Budget had projected the share of the states in taxes at Rs 7.84 lakh crore for 2020-21.
The 15th Finance Commission had recommended the share of states at 41 per cent of the divisible pool and 1 per cent for the newly-created union territories of Jammu and Kashmir, and Ladakh.
The 14th Finance Commission had recommended the states be given 42 per cent share in taxes.
“Ministry of Finance has issued sanctions for April installment of Devolution of States’ Share in Central Taxes and Duties amounting to Rs 46,038.10 crore today. The inter-se share is as per the recommendations of the XV Finance Commission, the ministry tweeted.