Editor
NEW DELHI: The Central Government's Ministry of Finance has released a significant sum of ₹1,18,280 crore as the third instalment of tax devolution to State Governments. This amount is considerably higher than the normal monthly devolution of ₹59,140 crore, indicating the government's commitment to supporting the states in their development and welfare-related expenditures.
The release of an advance instalment, in addition to the regular instalment due in June 2023, aims to accelerate capital spending by the State Governments. It provides them with the necessary funds to finance their development projects, welfare schemes, and priority initiatives. By making these resources available, the Central Government seeks to expedite the progress of various state-level projects and ensure their timely implementation.
The distribution of the net proceeds of Union Taxes and Duties for June 2023 has been outlined state-wise, with each state receiving a specific allocation. Here is a breakdown of the funds allocated to some of the states:
1. Andhra Pradesh: ₹4,787 crore
2. Arunachal Pradesh: ₹2,078 crore
3. Assam: ₹3,700 crore
4. Bihar: ₹11,897 crore
5. Chhattisgarh: ₹4,030 crore
6. Goa: ₹457 crore
7. Gujarat: ₹4,114 crore
8. Haryana: ₹1,293 crore
9. Himachal Pradesh: ₹982 crore
10. Jharkhand: ₹3,912 crore
11. Karnataka: ₹4,314 crore
12. Kerala: ₹2,277 crore
13. Madhya Pradesh: ₹9,285 crore
14. Maharashtra: ₹7,472 crore
15. Manipur: ₹847 crore
16. Meghalaya: ₹907 crore
17. Mizoram: ₹591 crore
18. Nagaland: ₹673 crore
19. Odisha: ₹5,356 crore
20. Punjab: ₹2,137 crore
21. Rajasthan: ₹7,128 crore
22. Sikkim: ₹459 crore
23. Tamil Nadu: ₹4,825 crore
24. Telangana: ₹2,486 crore
25. Tripura: ₹837 crore
26. Uttar Pradesh: ₹21,218 crore
27. Uttarakhand: ₹1,322 crore
28. West Bengal: ₹8,898 crore
The grand total of the tax devolution to all states amounts to ₹1,18,280 crore.
The substantial release of funds to the State Governments reflects the Central Government's commitment to empowering the states and supporting their developmental aspirations. These financial resources will enable the states to undertake key projects, improve infrastructure, and enhance the overall welfare of their citizens.
The Ministry of Finance has reiterated its dedication to providing the necessary financial support to states, ensuring their sustainable development, and promoting equitable growth across the country. This release of tax devolution demonstrates the government's ongoing efforts to foster cooperative federalism and strengthen the financial capacity of the states to drive inclusive progress.
It is expected that the infusion of these funds will help expedite various developmental initiatives, boost economic activities, and contribute to the overall growth and prosperity of the nation.