Centre releases ₹1.39 lakh crore as tax devolution to states to boost development
Updated: Jun 11th, 2024
In a bid to enable state governments to accelerate development and capital spending, the BJP-led NDA government released one additional installment of devolution of taxes, cumulatively amounting to ₹1,39,750 crore this month.
The Interim Budget 2024-25 had a provision of ₹12,19,783 crore towards devolution of taxes to states.
With this release, the total amount devolved (for FY 2024-25) to states till June 10 stands at ₹2,79,500 crore.
Uttar Pradesh got the highest amount at ₹25,069.88 crore, followed by Bihar at ₹14,056.12 crore. Madhya Pradesh is third with ₹10,970.44 crore and West Bengal is fourth at ₹10,513.46 crore.
The Centre in February released ₹1.42 lakh crore in tax devolution to the states, supplementing the ₹72,961 crore disbursed earlier in the same month.
“With this release, states have received a total of three instalments of tax devolution in February 2024,” said the ministry.
For the development of the North-East region, the ministry allocated tax devolutions to Assam (₹4,371.38 crore), Meghalaya (₹1,071.90 crore), Manipur (₹1,000.60 crore), Sikkim (₹551 crore), Mizoram (₹698.78 crore), Nagaland (₹795.20 crore) and Tripura (₹989.44 crore).
(This story was taken from a syndicated feed, and edited only for style by Gujarat Samachar Digital staff)
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