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regular-article-logo Wednesday, 19 June 2024

Centre authorises release of tax devolution of Rs 1.39 lakh crore to states for June

At present, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year. The Interim Budget 2024-25 has a provision of ₹12,19,783 crore towards the devolution of taxes to states

Our Special Correspondent New Delhi Published 11.06.24, 11:00 AM
Representational image

Representational image File picture

The Centre on Monday authorised the release of tax devolution of 1.39 lakh crore (trillion) to states for June. It was decided that apart from the regular release of the devolution amount for the month of June, one additional instalment will be released, the finance ministry said in a statement.

“This amounts to 1,39,750 crore in the current month. This will enable states to accelerate development and capital spending,” it added.

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At present, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year. The Interim Budget 2024-25 has a provision of 12,19,783 crore towards the devolution of taxes to states.

With this release, the total amount devolved (for FY 2024-25) to states till June 10, 2024, is 2,79,500 crore, it added.

The Congress slammed the Centre on Monday over the move and said this is “third-rate PR” trying to pass off what is legitimately due to states as some “prasad” being distributed.

Farm support

Earlier in the day, PM Narendra Modi initiated his third term by releasing the 17th instalment of the PM Kisan Nidhi funds. This instalment, valued at nearly 20,000 crore, is set to benefit 9.3 crore farmers.

The Congress criticised the timing, accusing the government of delaying the funds for electoral gain. Under the scheme, qualifying farmers get Rs 2,000 every four months, totaling 6,000 per year.

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