Indian Economy News

Centre releases US$ 16.74 billion (Rs. 1,39,750 crore) instalment of Tax Devolution to States

The Central Government has released an instalment of US$ 16.74 billion (Rs. 1,39,750 crore) for tax devolution to the states. This release includes the regular devolution amount for June 2024 and an additional instalment, enabling State Governments to accelerate development and capital spending. With this latest disbursement, the total amount devolved to states for 2024-25 has reached US$ 33.47 billion (Rs. 2,79,500 crore) as of 10 June 2024.

The Interim Budget 2024-25 includes providing US$ 146.08 billion (Rs. 12,19,783 crore) for devoting taxes to states. The additional funds released this month will support State Governments in enhancing their developmental activities and infrastructure projects, thereby boosting economic growth at the state level.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.