Government doubles November tax devolution amount

Finance Minister Nirmala Sitharaman on Monday agreed to transfer tax revenues due to states a month in advance to help ramp up infrastructure spending and boost economic growth. This was decided at a virtual meeting attended by 15 chief ministers, lieutenant governors of Union Territories and state finance minister called the meeting to brainstorm on ways to push India’s economic growth towards double digits. Speaking about the demands and issues raised by states, Sitharaman said some states sought approvals for project better dispute resolution mechanisms after the award of contracts and improved road connectivity. Sitharaman said that while the Centre has paid GST compensation for the entire fiscal year 2022 to states by early November some chief ministers said that for increasing capital expenditure it would really be helpful to get part of the tax devolution for the current financial year in advance.

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