States To Receive Rs 1.39 Lakh Crore In Tax Devolution From Centre For June
Centre authorises release of Rs 1.39 lakh crore tax devolution to states for June, including an additional instalment for accelerated development.
The Centre approved the disbursement of Rs 1,39,750 crore in tax devolution to the states for June on Monday. In addition to the regular devolution amount for June, it was resolved to release one extra installment, as stated by the Finance Ministry.
"This cumulatively amounts to Rs 1,39,750 crore in the current month. This will enable State Governments to accelerate development and capital spending," it said.
At present, the Centre devolves 41% of the taxes it collects to the states in 14 instalments over the course of a fiscal.
The interim budget 2024-25 has a provision of Rs 12,19,783 crore towards the devolution of taxes to states.
With this release, the total amount devolved (for FY25) to states till June 10 is Rs 2,79,500 crore, it said.
(With inputs from PTI)
