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CENTRAL GOVERNMENT DISBURSES RS 139.75 CRORE TO STATES IN JUNE TAX DEVOLUTION
The Business Guardian
|June 12, 2024
The allocation of funds among states reflects the government's commitment to addressing their specific financial needs, with Uttar Pradesh receiving the largest share at Rs 25,069.88 crore.
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In a strategic move to accelerate economic I development across various states, the Finance Ministry has announced an additional instalment of tax devolution for June 2024. This brings the total amount released to states for the month to Rs 139,750 crore. The decision aims to ensure that state development projects remain on track without delays due to capital shortages.
This decision emerged from a high-level meeting on Monday, which included the Finance Secretary and the Secretary of the Department of Economic Affairs. During this meeting, the economic and fiscal conditions of states were meticulously reviewed, leading to the conclusion that an additional instalment of funds was necessary to meet their developmental needs.
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