New Delhi2 hours ago
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On June 10, the departments of Modi cabinet were divided. Nirmala Sitharaman was again assigned to the Finance Ministry.
The Center approved the release of tax devolution (tax transfer) of Rs 1,39,750 crore to the states for June. The Finance Ministry said that in addition to the regular release of the devolution amount, it has also been decided to release an additional installment.
Tax devolution means distribution of tax revenue between the central government and state governments. It is a constitutional mechanism established to allocate the income from certain taxes between the Center and the states in a fair and equitable manner.
At present, the Central Government distributes 41% of the tax it collects to the states in 14 installments in a financial year. With this amount released for the month of June in the financial year 2024-25, a total of Rs 2 lakh 79 thousand 500 crore has been given to the states.
UP gets maximum tax devolution of ₹25 thousand crores
Uttar Pradesh (₹ 25069 crore) ranks first among the states that have received the highest tax devolution in the new installment. Bihar (₹14056 crore) is at second place and Madhya Pradesh (₹10970 crore) is at third place. The least is Sikkim (₹542 crore).
Tax devolution is spent on the growth of states.
The Finance Commission distributes funds to ensure equal development of all the states of the country. A formula is adopted for this. In this, fiscal capacity, fiscal discipline, population of the state, area of the state are taken into consideration. Due to this, states like UP, MP, Bihar get more money.
After the formation of the cabinet of Modi 3.0 government, the departments were divided on the evening of June 10. The Finance Ministry has once again come to Nirmala Sitharaman’s share. The Finance Minister took the decision immediately after the division of departments.
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