January 10, 2025 3:13 PM

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...