The Centre on Monday authorised the release of tax devoluti꧒on of Rs 1,39,750 crore to states for June.
It was decided that apart from the regular release of the devolution amount for the month of June 2024,🌳 one additional instalment will be released, the Finance Ministry said in a statement.
"This cumulatively amount🎀s to Rs 1,39,750 crore in the current month. This will enable State Governments to accelerate development and capita💜l spending," it added.
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among s▨tates dur🔜ing a fiscal year.
The Interim Budget📖 2024-25 has a provision of Rs 12,19,783 crore towards the devolution of taxes to state♍s.
With this ♛relea🃏se, the total amount devolved (for FY 2024-25) to states till June 10, 2024, is Rs 2,79,500 crore, it added.
