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The government released two instalments of tax devolution to states totalling over ₹ 1.16 lakh crore to help accelerate their capital expenditure as against normal monthly devolution of ₹ 58,333 crore. This would help strengthen the hands of states to accelerate their capital and developmental expenditure. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states in a fiscal year. Tax Devolution - It is based on a formulaic transfer of resources to states, determined by the Finance Commission. The tax devolution formula is based on the principles of need, equity, and efficiency. In other words, the formula is progressive – states in need of higher assistance receive a larger share of funds devolved.
The 'Centre of Jain Manuscriptology' established at Gujarat University is funded by the Ministry of Minority Affairs with how much budget?
Of these, who are not the Deputy Governor of RBI?
Consider the following statements:
1.The Prime Minister of India must be a member of the Lok Sabha or the Rajya Sabha.
2.The President of ...
In which state of India is the Gol Gumbaz situated?
The minimum net worth (have a minimum capital and reserves) requirement for the Tier 1 UCBs operating in single districts shall be Rs ___ crore.
In the July 2024 Henley Passport Index, India ranked 82nd. How many countries can Indian passport holders visit without a visa?
Who was appointed as the State Election Commissioner of Jammu and Kashmir on October 30, 2020?
What is the Maximum loan amount under Standup India?
Which is the longest river in the world?
International Day of Banks is celebrated on which day of December?
