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 two crore 79 thousand, and five hundred crore rupees.
The Interim Budget 2024-25 had allocated 12 lakh, 19 thousand and 783 crore rupees for the devolution of taxes to states. States with significant allocations include Uttar Pradesh which stands at 25 thousand crores, followed by 14 thousand crores for Bihar, Madhya Pradesh and West Bengal nearly ten thousand crore rupees each.