Centre Releases Rs 1.78 Lakh Crore Tax Devolution.
The Union Government has released Rs 1.78 lakh crore to state governments as part of its tax sharing ahead of the festive season. This includes an advance payment of Rs 89,086.50 crore as the announcement was made by the Press Information Bureau (PIB) on Thursday. The government stated that the tax devolution amount covers the regular instalment for October 2024, with an additional advantage to aid the states in managing the finances. “Advance instalment released given upcoming festive season and to enable States to accelerate capital spending and finance their development/ welfare related expenditure,” Ministry of Finance stated.
👉 Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October 2024
👉Advance instalment released given upcoming festive season and to enable… pic.twitter.com/1wBOacu5mo
— Ministry of Finance (@FinMinIndia) October 10, 2024
These funds are disbursed to help states boost spending on infrastructure, welfare schemes, and development projects during the festive season. Uttar Pradesh gets the largest share of Rs 31,962 crore, followed by Bihar (Rs 17,921 crore), Madhya Pradesh (Rs 13,987 crore), and West Bengal (Rs 13,404 crore). Arunachal Pradesh receives Rs 3,131 crore, Goa gets Rs 688 crore, and Sikkim receives Rs 691 crore.
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Here’s the state-wise distribution of net proceeds of union taxes and duties for October 2024:
- ANDHRA PRADESH- 7,211
- ARUNACHAL PRADESH-3,131
- ASSAM-5,573
- BIHAR-17,921
- CHHATTISGARH-6,070
- GOA-688
- GUJARAT-6,197
- HARYANA-1,947
- HIMACHAL PRADESH-1,479
- JHARKHAND-5,892
- KARNATAKA-6,498
- KERALA-3,430
- MADHYA PRADESH-13,987
- MAHARASHTRA-11,255
- MANIPUR-1,276
- MEGHALAYA-1,367
- MIZORAM-891
- NAGALAND-1,014
- ODISHA-8,068
- -PUNJAB3,220
- RAJASTHAN-10,737
- SIKKIM-691
- TAMIL NADU-7,268
- TELANGANA-3,745
- TRIPURA-1,261
- UTTAR PRADESH-31,962
- UTTARAKHAND-1,992
- WEST BENGAL-13,404
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