Centre releases Rs 1.39 lakh crore as tax devolution to states to boost development

New Delhi (IANS) In a bid to enable state governments to accelerate development and capital spending, the BJP-led NDA government released one additional instalment of devolution of taxes, cumulatively amounting to Rs 1,39,750 crore this month. 

The Interim Budget 2024-25 had 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 June 10 stands at Rs 2,79,500 crore.

Uttar Pradesh got the highest amount at Rs 25,069.88 crore, followed by Bihar at Rs 14,056.12 crore. Madhya Pradesh is third with Rs 10,970.44 crore and West Bengal fourth at Rs 10,513.46 crore.

The Centre in February released Rs 1.42 lakh crore in tax devolution to the states, supplementing the Rs 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 (Rs 4,371.38 crore), Meghalaya (Rs 1,071.90 crore), Manipur (Rs 1,000.60 crore), Sikkim (Rs 551 crore), Mizoram (Rs 698.78 crore), Nagaland (Rs 795.20 crore) and Tripura (Rs 989.44 crore).

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