Tax Devolution To States: In view of the upcoming festive season, the Central Government has given a big gift to the states. The Central Government has released Rs 1,78,173 crore as tax devolution (tax revenue) to the state government before Durga Puja, Diwali and Chhath, out of which Rs 89,086 crore has been released as advance in view of the festive season.
The Finance Ministry issued a press release saying that on October 10, 2024, the Central Government has released Rs 1.78,173 crore to the states as tax devolution. Normally the monthly tax devolution comes to Rs 89,086.50 crore. But keeping in mind the festive season, the state governments can accelerate the capital expenditure and also an installment of tax devolution is being given to the states in the form of advance for the expenditure on development and beneficial schemes.
👉 Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance installment of ₹89,086.50 crore in addition to regular installment due in October, 2024
👉Advance installment released in view of upcoming festive season and to enable… pic.twitter.com/1wBOacu5mo
— Ministry of Finance (@FinMinIndia) October 10, 2024
According to the data of the Ministry of Finance, out of the tax revenue of Rs 1,78,173 crore, the largest amount has been released to Uttar Pradesh. Rs 31,962 crore has been released to Uttar Pradesh, Rs 17,921 crore to Bihar, Rs 13,987 crore to Madhya Pradesh, Rs 13,404 crore to West Bengal, Rs 11,255 crore to Maharashtra, Rs 10,737 crore to Rajasthan.
Apart from this, Rs 7,268 crore has been released to Tamil Nadu, Rs 8068 crore to Odisha, Rs 6498 crore to Karnataka, Rs 7211 crore to Andhra Pradesh and Rs 3220 crore to Punjab. Rs 6070 crore to Chhattisgarh. Rs 59892 crore has been released to Jharkhand, Rs 6197 crore to Gujarat, Rs 5573 crore to Assam as tax devolution.
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