News Brief
Ahead Of Festive Season, Centre Disburses Double Tax Devolution To States—Rs 1.78 Lakh Crore Released
Centre Releases Tax Devolution to States with an Advance Instalment
The Union Government has released tax devolution of Rs 1,78,173 Crore to State governments on Thursday (10 October), including an advance instalment of Rs 89,086.50 Crore.
This disbursement, announced by the Finance Ministry on , includes both the regular instalment for October 2024 and an additional advance instalment.
Typically, tax devolution is carried out on a monthly basis, with Rs 89,086.50 crore being the regular instalment for October.
However, the Union Government has doubled the release for this month.
"The Union Government has released tax devolution of Rs 1,78,173 crore to State Governments on 10th October, 2024, as against the normal monthly devolution of ₹89,086.50 crore. It includes one advance instalment, in addition to the regular instalment due in October, 2024," the Finance Ministry said.
"This release is in view of the upcoming festive season and to enable States to accelerate capital spending, and also finance their development/ welfare related expenditure," it added.
Among the top five states, Uttar Pradesh received the highest amount (Rs 31,962 crore) followed by Bihar (Rs 17,921 crore), Madhya Pradesh (Rs 13,987 crore), West Bengal (Rs 13,404 crore) and Maharashtra (Rs 11,255 crore).
