The Central Government has authorized the release of two installments of tax devolution amounting to Rs. 1.42 lakh crore today to strengthen the hands of State Governments for financing various social welfare measures and infrastructure development schemes.

This release is in addition to the tax devolution of an instalment of Rs. 71,061 crore already made on 12 February 2024, the Union Finance Ministry informed. With this release, States have received total of three installments of tax devolution in February 2024, it said.