Union Govt Announces Additional Tax Devolution Of Rs 1.39 Lakh Crore To States

New Delhi, Jun 11 (KNN) The Union Government has decided to release an additional instalment of tax devolution to State Governments this month, over and above the regular monthly disbursement for June 2024.

This move will cumulatively amount to Rs 1,39,750 crore being transferred to States in the current month, a significant financial boost aimed at enabling accelerated development and capital expenditure by State Governments.

The Interim Budget for the fiscal year 2024-25, presented earlier this year, had provisioned a total of Rs 12,19,783 crore towards tax devolution to States as per the prescribed constitutional arrangements.

With the release of the additional instalment, the total amount devolved to State Governments for the current financial year until June 10, 2024 stands at Rs 2,79,500 crore.

(KNN Bureau)