Centre releases ₹72,961.21 crore to states as further tax devolution proceeds
New Delhi: The Centre has launched ₹72,961.21 crore to states as tax devolution for funding numerous social welfare measures and infrastructure improvement schemes, the finance ministry stated in an announcement on Friday.
This quantity is along with the tax devolution proceeds as a consequence of states on 10 January 2024 and one other ₹72,961.21 crore disbursed to states on 11 December 2023, as per the assertion.
The Centre usually disburses tax devolution funds in 14 yearly installments, together with month-to-month funds and three further disbursements in March.
Within the newest allocation, Uttar Pradesh acquired the most important share at ₹13,088.51 crore. This was adopted by Bihar ( ₹7,338 crore), Madhya Pradesh ( ₹5,727.44 crore), West Bengal ( ₹5,488.88 crore), Maharashtra ( ₹4,608.96 crore), Rajasthan ( ₹4,396.64 crore), and Odisha ( ₹3,303.69 crore).
Smaller allocations went to Goa ( ₹281.63 crore), Sikkim ( ₹283.10 crore), Mizoram ( ₹364.80 crore), and Nagaland ( ₹415.15 crore).
Tax devolution, a key supply of funding for state governments, includes the Centre distributing about 41% of its tax collections to states yearly for improvement, welfare and precedence sector initiatives and schemes.
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Printed: 22 Dec 2023, 04:18 PM IST
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