Amid elections, lion’s share to UP in Centre’s tax pie

With Uttar Pradesh heading towards an election, the state’s estimated share in the Centre’s tax revenue for the financial year 2022-23 is Rs 1. 46 lakh crore, an increase of about Rs 12,514 crore from the actual allocation in the current financial year. An official in the state’s finance department said that as per the finance commission formula for tax devolution, UP’s share is 17. 9%. In 2021-22, the budget had allocated Rs 1. 19 lakh crore to the state which was revised to Rs1. 33 lakh crore. “The estimate is based on the finance commission formula which is revised as per actual collections by the Centre,” the official said.