Government Releases Tax Devolution Of Rs 1.78 Lakh-Crore To States Ahead Of Festive Season
The disbursement includes both the regular instalment for October 2024 and an additional advance instalment.
The Union Government has released Rs 1.78 lakh crore to State Governments as part of its tax devolution, including an advance instalment of Rs 89,086.50 crore. This disbursement, announced by the Press Information Bureau on Thursday, includes both the regular instalment for October 2024 and an additional advance instalment.
The advance instalment has been provided to ensure that states can ramp up capital expenditure and meet development and welfare-related financial obligations during the upcoming festive season.
This disbursement is expected to enable state governments to accelerate spending on infrastructure projects, welfare schemes, and other development initiatives at a crucial time, when festive-related economic activity is expected to surge.
A detailed table was also released by the government, listing the state-wise distribution of the net proceeds of Union taxes for October 2024, which outlines how the total amount of Rs 1,78,173 crore will be allocated among states.
