Govt disburses ₹1.39 Lakh Crore in Tax Devolution to States

Prime Minister Narendra Modi has formed his government for the third consecutive time.

Recently, he assigned ministries to his ministers. Nirmala Sitharaman has been entrusted with the Finance Ministry once again.

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Under the NDA government, the Finance Ministry has disbursed over Rs 1.39 lakh crore to the states for June 2024.

This amount represents an additional installment of Tax Devolution. Uttar Pradesh has received over Rs 25 thousand crore from this allocation.

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These funds will boost various development schemes in the states, helping them progress effectively.

12 lakh crores were given in the interim budget 

In the interim budget for 2024-25 presented by Nirmala Sitharaman, a provision of Rs 12,19,783 crore was allocated for tax devolution to the states.

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Including an additional Rs 1,39,750 crore, the total amount given to states for the financial year 2024-25 until June 10, 2024, stands at Rs 2,79,500 crore.

This infusion of funds will empower state governments to accelerate development and capital spending.

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Currently, 41% of the total tax collected by the central government in a financial year is distributed among the states in 14 installments.

UP got more than Rs 25000 crore

As per the Finance Ministry, Uttar Pradesh received the highest amount of Rs 25,069.88 crore.

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Bihar is in second place with Rs 14,056.12 crore, followed by Madhya Pradesh in third place with Rs 10,970.44 crore.

Congress said this money is the right of the states

The Congress has criticized this decision, claiming that the central government is gaining popularity by allocating funds rightfully due to the states.

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Jairam Ramesh, a Congress leader, stated that this allocation is not a gift or a special favor from the central government to the states.

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