Odisha gets Rs 4,305 cr tax devolution

| | BHUBANESWAR
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Odisha gets Rs 4,305 cr tax devolution

Thursday, 25 November 2021 | PNS | BHUBANESWAR

The Odisha Government has received Rs 4,305.32 crore, with the Central Government having released two installments of tax devolution, official sources confirmed.

The devolution is made against normal monthly devolution, earlier given to the States. While monthly devolution for Odisha was Rs 2,152.66 crore, it was of Rs 47,541 crore for all the States and Union Territories.

While the Government of India has released two installments of tax devolution to all the State Governments and UTs amounting to Rs 95,082 crore on November 22, the State Treasury has been informed about the details, said a senior officer in Department of Finance.

As per the recommendations of the 15th Finance Commission, 41 per cent of the divisible tax pool is to be devolved to the States, which was given to the States on monthly basis.

As promised by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman after a virtual meeting with Chief Ministers, State Finance Ministers, and Lt Governors of UTs to step up investment, infrastructure and growth on November 15, the Union Government has released the two installments at one go.

A senior official said that the decision to release the funds was taken after the Union Government received requests from the States for “front loading” of tax devolution funds, as it was an exceptional year.

Several States were of the view that this would help them in spending more on infrastructure development as there will be no shortage of funds.

In fact, with steady increase in cess and surcharge, the growth in divisible pool is not commensurate with the growth of Central Taxes, the Odisha Government had pointed out to the Union Government.

This has a direct impact on the Central transfers to most of the States including Odisha, Finance Minister Niranjan Pujari had pointed out. Pujari had raised the issue with Union Minister Finance

Sitharaman on November 15, when she sought collaborative approach for stepping up investment, infrastructure and growth.

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