Pre-Budget Meeting: Here’s What Finance Minister Said On Tax Devolution

New Delhi: Union Finance Minister Nirmala Sitharaman today chaired the Pre-Budget Consultation Meeting in New Delhi attended by the Finance Ministers of States and Union Territories and the senior officials of the Ministry of Finance and State governments among others.

In her opening remarks at the Pre-Budget Consultation Meeting, the Finance Minister said, “Unprecedented level of devolution of funds has taken place from Centre to the States which has increased in recent times from Rs 8,29,344 crore to Rs 12,38,274 crore. Also, the share of the States in tax devolution has increased from 32 per cent under 13th Finance Commission to 42 per cent in 14th Finance Commission during the first tenure of the present Government.”

She further said, “No goals can be achieved if States and the Centre don’t work together in cohesion. The Centre has the responsibility of setting the direction of the economic growth while it’s the responsibility of the States to implement in the field.”

In the end, the Finance Minister sought the cooperation of all the States and Union Territories in achieving the aspirations of the people at large and extended full cooperation from her side in achieving the desired goals.