Central Government releases 1,18,280 crore as 3rd instalment of tax devolution to State

The Union Government has released 3rd instalment of tax devolution to State Governments amounting to Rs. 1,18,280 crore on 12th June, 2023, as against normal monthly devolution of Rs. 59,140 crore. One advance instalment in addition to the regular instalment due in June 2023 is being released to States to enable them to speed up capital spending, finance their development/ welfare related expenditure and also to make available resources for priority projects/ schemes.