The Union Finance Ministry has released two installments of tax devolution to state governments amounting to Rs 1, 16,665.75 crore as against normal monthly devolution of Rs.58, 332.86 crore.
Of this, Meghalaya received Rs 894.84 crore as net proceeds of central taxes and duties for August 2022
“This is in line with the commitment of the Government of India to strengthen the hands of states to accelerate their capital and developmental expenditure,” the Finance Ministry said.
As per accepted recommendations of the Fifteenth Finance Commission, the states’ share has been fixed at 41 per cent of the net proceeds of shareable central taxes. Typically, this is transferred in 14 installments in a fiscal year.
