India

Centre doubles payout to states from tax kitty in June

The Union government today announced that it has released Rs 1.18 lakh crore to states as tax devolution which is double the “normal monthly devolution” of Rs 59,140 crore.

“One advance instalment in addition to the regular instalment due in June 2023 is being released to states to enable them to speed up capital spending, finance their development and welfare related expenditure and also to make available resources for priority projects,” the finance ministry said in a statement.

This is the third instalment of tax devolution to states for the current financial year.

The Centre releases tax devolution to states in 14 equal instalments every year. As such, this involves two months where the instalment is double the usual monthly amount. However, these double-instalment months normally come at the end of the financial year after the Centre has greater clarity on its finances.

Amounts handed over to states from Net Proceeds of Union Taxes and Duties for June 2023  (All figures in crore rupees):

ANDHRA PRADESH  Rs 4,787 crore ,  ASSAM  3700,  BIHAR  11897, CHHATTISGARH 4030,  GUJARAT 4114, JHARKHAND 3912, KARNATAKA 4314, KERALA 2277, MADHYA PRADESH 9285, MAHARASHTRA 7472, ODISHA 5356, PUNJAB  2137, RAJASTHAN 7128, TAMIL NADU 4825, TELANGANA 2486, UTTAR PRADESH 21218, WEST BENGAL 8898.

AddThis Website Tools
IN Bureau

Recent Posts

Harpy drones used by Indian military to target enemy air defence systems

The Harpy drones designed to attack radar systems were used by the Indian armed forces…

17 minutes ago

PM Modi chairs high level meeting with secretaries of Government ministries, departments

Prime Minister Narendra Modi chaired a high-level meeting on Thursday with Secretaries of various Ministries…

1 hour ago

“India-Iran cooperation has progressed in many aspects in recent years”: Jaishankar

Lauding bilateral ties between India and Iran, External Affairs Minister S Jaishankar said that the…

2 hours ago

Over 100 terrorists eliminated during Op Sindoor: Sources

Operation Sindoor has successfuly detroyed nine anti-India Terror sites deep inside Pakistan and Pakistan-occupied Jammu…

2 hours ago

World comes out in support of India’s Operation Sindoor

World leaders have come out in support of India's 'Operation Sindoor', which targeted terrorist infrastructure…

3 hours ago

UNGA President urges India, Pakistan to exercise maximum restraint

UNGA President Philemon Yang on Thursday expressed concern over the "escalating hostilities" between India and…

4 hours ago