The Center has authorized the transfer of Rs 1.39 lakh tax to states for June
1 min read

The Center has authorized the transfer of Rs 1.39 lakh tax to states for June

NEW DELHI, June 10: The Center on Monday approved transfer of Rs 1,39,750 crore in tax to states for June.

It was decided that in addition to the regular release of the decentralization amount for June 2024, one additional installment will be paid – the Ministry of Finance said in a press release.

“This adds up to Rs 1,39,750 crore for the current month. This will enable state governments to accelerate development and capital expenditure,” he added.

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

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. (PTI)