Centre authorises release of Rs 1.39 lakh crore tax devolution to states for June

New Delhi: The Centre on Monday authorised the release of tax devolution 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 amounts to Rs 1,39,750 crore in the current month. This will enable State Governments to accelerate development and capital spending," it added.

Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.

The Interim Budget 2024-25 has a provision of Rs 12,19,783 crore towards the devolution of taxes to states.

With this release, the total amount devolved (for FY 2024-25) to states till June 10, 2024, is Rs 2,79,500 crore, it added.