Tax Devolution To States: In view of the festive season, the Central Government has released the amount of states’ share in tax earnings for the month of November ahead of time. The central government has approved the release of Rs 72,961.21 crore to the states for November 2023 on November 7. However, this amount was to be released by November 10. Due to this decision of the Centre, the state governments will be able to make payments to the beneficiaries and employees on time in view of the festivals.
According to the Finance Ministry, a total of Rs 72,961.21 crore has been released to 28 states for the month of November, in which the maximum amount of Rs 13088.51 crore has been released to Uttar Pradesh. After this comes the turn of Bihar. Rs 7338.44 crore has been released to Bihar from its tax share.
👉 Union Government authorises release of tax devolution of ₹72,961.21 crore to all State Governments for November, 2023; three days ahead of the usual date of 10th November
👉 Early release enables State Governments to make in-time releases during festival season
Read more ➡️… pic.twitter.com/lz0h6C8OqN
— Ministry of Finance (@FinMinIndia) November 7, 2023
Rs 5727.44 crore has been released to the election state Madhya Pradesh. Whereas Rs 5488.88 crore has been released to West Bengal. Another election state Rajasthan has been released Rs 4396.64 crore as its share of tax. Apart from this, Rs 2485.79 crore has been released to Chhattisgarh, Rs 4608.96 crore to Maharashtra, Rs 2660.88 crore to Karnataka.
The central government provides money to the states for building infrastructure, funding development projects, taking care of the welfare of the people and spending on important projects and programmes. The central government releases this money from the tax pool to the states in 14 installments. According to the budget estimates for the financial year 2023-24, as per the recommendations of the 15th Finance Commission, the government will release Rs 10.21 lakh crore to the states this year.