PANAJI: Union Finance Ministry has released Rs 281.63 crore as monthly tax devolution to Goa for the month of November 2023.
The Union Government has authorised the release of tax devolution i.e. Net Proceeds of Union Taxes and Duties to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November.
“It is important that the Union Govt released the funds 3 days earlier than the schedule. It will help the Govt of Goa ahead of the festive season,” said CM Sawant reacting to the allotment.
The highest devolution has been made to Uttar Pradesh, which has received Rs 13,088.51 crore, followed by Bihar, which has received Rs 7,338.44 crore.
“This will enable the State Governments to make in-time releases and add to the festivities and celebrations among the people,” the Finance Ministry said in a statement.
As per the 15th Finance Commission’s recommendations, the Centre expects to transfer Rs 10.21 lakh crore to states this year, according to the budget estimates for 2023-24.
By norm, money from the divisible tax pool is devolved to states in 14 annual installments: 11 in 11 months and three in March.
The lowest devolution for the month of November is to Goa and Sikkim at Rs 281 crore and Rs 283.10 crore.