Center approves transfer of Rs 1.39 lakh crore in tax to states for June
1 min read

Center approves transfer of Rs 1.39 lakh crore in tax to states for June

Story continues below ad


The Center on June 10 cleared the transfer of Rs 1,39,750 crore of tax to the states for June.

The Ministry of Finance said in a statement: “It has been decided that one additional installment will be paid in addition to the regular release of the devolution amount for the month of June 2024. This release totals Rs 1,39,750 crore in the current It will enable state governments to accelerate development and capital expenditure.”

Story continues below ad

The interim budget for 2024-25 has earmarked an amount of Rs 12,19,783 crore for tax transfer to states.

With this release, the total amount released to states (for FY 2024-2025) till June 10, 2024 is Rs. 2,79,500 crores.

Currently, 41 per cent of taxes collected by the Center is distributed in 14 installments among states during the fiscal year.

Story continues below ad

The interim budget for 2024-25 has earmarked an amount of Rs 12,19,783 crore for tax transfer to states.

With this release, the total amount released to states (for FY 2024-25) till June 10, 2024 will be Rs 2,79,500 crore, she added.

(With PTI inputs)

Story continues below ad