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business updates
– Photo: amarujala.com
The Central Government on Saturday released an additional installment of tax devolution worth more than Rs 1.09 lakh crore to the state governments. This is in addition to the regular monthly transfer and is the second additional installment for the current financial year. The Finance Ministry said in a statement that the central government has released tax transfers of Rs 1,09,019 crore to the states. In this, Rs 19,208 crore has been released to Uttar Pradesh. The amount has been released keeping in mind the upcoming festive season and to enable states to accelerate capital expenditure as well as meet their development and welfare expenditure, the ministry said. At present, 41 per cent of the taxes collected by the Center during a financial year is distributed among the states in 14 instalments.
state name | Total amount (in crore rupees) |
|---|---|
Haryana | 1,484 |
Himachal Pradesh | 996 |
Punjab | 2,176 |
Uttar Pradesh | 19,208 |
Uttarakhand | 1,244 |
Andhra Pradesh | 4,597 |
Assam | 3,552 |
Bihar | 10,845 |
Chhattisgarh | 3,602 |
Now duty free import of cotton till 31st December
The Central Government has extended the customs duty exemption on cotton imports by two months till December 31, 2026, to increase the availability of cotton in the domestic textile sector. Earlier in May, cotton imports were exempted from customs duty for five months i.e. till October 2026. The Finance Ministry said on Saturday that the decision to extend the exemption deadline will provide relief to textile manufacturing companies and consumers.
Source: www.amarujala.com
