tax devolution

Centre releases ₹1.73 lakh crore to states for tax devolution

The Union Government has disbursed ₹1,73,030 crore to state governments as part of tax devolution. This marks a rise from the ₹89,086 crore distributed in December 2024. The increased devolution aims to support states in enhancing capital spending and funding development and welfare initiatives. Tax devolution refers to the constitutional process of distributing tax revenues between the central and state governments. The division is based on recommendations by the Finance Commission...

June 11, 2024 9:12 AM

Centre releases over Rs 1.39 lakh crore in tax devolution to support state finances & development

The Centre has announced the release of a significant installment of one crore thirty-nine thousand 750 crore rupees in tax devolution to states. The Finance Ministry said yesterday that the release, which includes both the regular allocation for June and an additional installment, is aimed at bolstering state government capacity to accelerate development and capital expenditure. It further said that as of today, the total amount devolved to states for the fiscal year 2024-25 stands at t...