Central Government releases Rs 6,195 crore to 14 states as devolution of taxes

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Central Government releases Rs 6,195 crore to 14 states as devolution of taxes
Central Government releases Rs 6,195 crore to 14 states as devolution of taxes

Central Government releases Rs 6,195 crore to 14 states as devolution of taxes.  The Central government has released Rs 6,195.08 crore to fourteen states as the sixth equated monthly installment of the Post Devolution Revenue Deficit Grant (PDRDG) as recommended by the 15th Finance Commission.

The Budget had projected the share of the states in taxes at Rs 7.84 trillion for 2020-21.

The 15th Finance Commission had recommended the share of states at 41 per cent of the divisible pool and 1 per cent for the newly-created Union Territories of Jammu and Kashmir, and Ladakh.

Tax devolution to states:

The share in central taxes is distributed among states based on a formula. Finance Commissions have considered various factors to determine the criteria such as the population and income needs of states, their area and infrastructure, etc.

About Finance Ministry:

  • Headquarters: New Delhi
  • Union Minister: Nirmala Sitharaman

Expected Questions:

1) Who establishes the Finance Commission in India? – President

2) Which of the following article talks about the formation of the Finance Commission? – Article 280

3) Who is the Chairman of the 14th Finance Commission? – Y.V. Reddy

4) Who is the Chairman of the 15th Finance Commission? – N.K. Singh

5) Which ministry has launched Business Reforms Action Plan ranking of states? – Ministry of Finance

6) Which Tax is not imposed by the Central Government? – Agricultural tax

7) Recently, who launched doorstep banking services initiative by public sector banks (PSB) which will provide convenience to customers? – Finance Minister Nirmala Sitharaman

< < Read More Static GK Article 2020 > >

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