PANJIM: The Ministry of Finance has released Rs 45,000 crore as additional devolution to States out of which Goa has received Rs 174 crore in the Financial Year (FY) 2020-21. This is an increase of 8.2% over Revised Estimates (RE) 2020-21.
While RE 2021 for Goa was Rs 2,123 crore, after the release of additional devolution of Rs 174 crore, the overall amount stands Rs 2,296 crore in FY 2020-21.
The Ministry explained that Rs 45,000 crore was released in two instalments–Rs 14,500 crore and Rs 30,500 crore. Rs 14,500 crore was released along with the 14th regular instalment of devolution on 26th March 2021 and the rest Rs 30,500 crore was released on 31st March 2021.
The Finance Ministry further explained that as per RE 2020-21, RS 5,49,959 crore, which is 41% of the shareable pool of taxes and duties, were estimated to be released to the States. However, the Ministry of Finance has passed Rs 5,94,996 crore, based on the initial estimates of the shareable pool that would be collected in 2020-21.
The Ministry stated that they released these amounts to share the revenue buoyancy seen in Q4 2020-21 and in the true spirit of fiscal federalism.
