<p>The Centre on Wednesday released two instalments of tax devolution totalling Rs 4254.82 crore to Karnataka.</p>.<p>This is in line with the commitment of the government to strengthen the hands of states to accelerate their capital and developmental expenditure, a finance ministry statement said.</p>.<p>"The Union Government has released two instalments of tax devolution Rs 1,16,665.75 crore to all the states on 10th August, 2022, as against normal monthly devolution of Rs 58,332.86 crore," it said.</p>.<p>Uttar Pradesh got the highest Rs 20,928 crore, followed by Bihar Rs 11,734 crore in the second instalments.</p>.<p>Based on the criteria and weights adopted by the 15th Finance Commission, Karnataka’s share in Central taxes has been fixed at 3.646% for 2020-21. This is 1.07 percentage points lower than the share of 4.713% in 14th Finance Commission’s award period of 2016-20.</p>.<p>Earlier, Chief Minister Basavaraj Bommai urged Union Finance Minister Nirmala Sitharaman that there was injustice to meted out to the state and this has been to be set right. With Karnataka being one among very few states where tax collection is highest in the country, the Centre should take steps to make up the shortfall.</p>.<p> Currently, 41 percent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.</p>
<p>The Centre on Wednesday released two instalments of tax devolution totalling Rs 4254.82 crore to Karnataka.</p>.<p>This is in line with the commitment of the government to strengthen the hands of states to accelerate their capital and developmental expenditure, a finance ministry statement said.</p>.<p>"The Union Government has released two instalments of tax devolution Rs 1,16,665.75 crore to all the states on 10th August, 2022, as against normal monthly devolution of Rs 58,332.86 crore," it said.</p>.<p>Uttar Pradesh got the highest Rs 20,928 crore, followed by Bihar Rs 11,734 crore in the second instalments.</p>.<p>Based on the criteria and weights adopted by the 15th Finance Commission, Karnataka’s share in Central taxes has been fixed at 3.646% for 2020-21. This is 1.07 percentage points lower than the share of 4.713% in 14th Finance Commission’s award period of 2016-20.</p>.<p>Earlier, Chief Minister Basavaraj Bommai urged Union Finance Minister Nirmala Sitharaman that there was injustice to meted out to the state and this has been to be set right. With Karnataka being one among very few states where tax collection is highest in the country, the Centre should take steps to make up the shortfall.</p>.<p> Currently, 41 percent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.</p>
