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Home Breaking News

Centre releases Rs 1.39 lakh crore installment of Tax Devolution to States

by NavJeevan
12 months ago
in Breaking News, Business, Cabinet Meet, National, taxation
Reading Time: 3 mins read
0
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Centre to borrow Rs 1.10 lakh cr on behalf of states to meet GST shortfall

Union Finance Ministry. Representational Image.

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NE BUSINESS BUREAU
NEW DELHI, JUNE 10

It has been decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released.  This release cumulatively amounts to Rs. 1,39,750 crore in the current month.

  • With today’s release, total Rs. 2,79,500 crore devolved to States for FY2024-25 till 10th June 2024
  • Uttar Pradesh gets lion’s share of Rs 25,069.88 cr, followed by Madhya Pradesh 10,970.44 cr, and West Bengal Rs 10,513.46 cr
  • Tamil Nadu’s share is Rs 5,700.44 cr, AP Rs 5,655.72 cr and Gujarat Rs 4,860.56

According to the finance ministry, the funds will allow the states to finance various social welfare measures and infrastructure development schemes.

The Interim Budget 2024-25 has a provision of Rs. 12,19,783 crore towards devolution of taxes to States.

With this release, the total amount devolved (for FY 2024-25) to States till 10 June 2024 is Rs. 2,79,500 crore.

Tax devolution, a crucial revenue stream for states, involves the Centre allocating 41% of tax collection to states, according to the Finance Commission’s recommendations. The funds are used for priority sector projects and developmental schemes.

State-wise releases are

Sl.No. State Tax Devolved on 10th June, 2024
1 Andhra Pradesh 5655.72
2 Arunachal Pradesh 2455.44
3 Assam 4371.38
4 Bihar 14056.12
5 Chhattisgarh 4761.30
6 Goa 539.42
7 Gujarat 4860.56
8 Haryana 1527.48
9 Himachal 1159.92
10 Jharkhand 4621.58
11 Karnataka 5096.72
12 Kerala 2690.20
13 Madhya Pradesh 10970.44
14 Maharashtra 8828.08
15 Manipur 1000.60
16 Meghalaya 1071.90
17 Mizoram 698.78
18 Nagaland 795.20
19 Odisha 6327.92
20 Punjab 2525.32
21 Rajasthan 8421.38
22 Sikkim 542.22
23 Tamil Nadu 5700.44
24 Telangana 2937.58
25 Tripura 989.44
26 Uttar Pradesh 25069.88
27 Uttarakhand 1562.44
28 West Bengal 10513.46
  TOTAL 139750.92
Tags: CentreinstallmentreleaseRs 1.39 lakh crorestatestax devolution
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