Assam Gets Over Rs 4,000 Cr As Centre Releases Tax Devolution

The Centre released Rs 4,371.38 crore for Assam as part of tax devolution to states for June, the finance ministry stated on Monday.

The newly-formed government at the Centre authorized the release of tax devolution amounting to Rs 1,39,750 crore to states. The Finance Ministry stated that, in addition to the regular devolution amount for June 2024, an additional installment will also be released.

Uttar Pradesh's share of the tax devolution stood at Rs 25,069.88 crore, the highest among all states, while the lowest was received by Goa which got Rs 539.42 crore.

"This cumulatively amounts to Rs 1,39,750 crore in the current month. This will enable State Governments to accelerate development and capital spending," the statement added.

Presently, 41 per cent of the taxes collected by the Centre is devolved to states in 14 installments over a fiscal year. The Interim Budget for 2024-25 includes a provision of Rs 12,19,783 crore for the devolution of taxes to states.

With this release, the total amount devolved to states for the fiscal year 2024-25 up to June 10, 2024, stands at Rs 2,79,500 crore.

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