Thanks to buoyancy in tax revenues, the Centre released 8.83 trillion in devolution to states for FY22, 19% more than the revised estimate and 33% more than the budget estimate for the year. Along with the taxes due to the states for FY22, the Centre's devolution also includes43,168 crore arrears pending for the period FY97 to FY18.
“This unprecedented and substantial support from the Centre to the states in FY22 is in line with the Centre’s commitment to ensure timely transfer of eligible Share of Central taxes to states before the close of the year,” finance ministry said.
