Informist, Friday, Jan. 10, 2025

--Centre transfers INR 1.730 tln to states as share in taxes for Jan

--Centre transferred INR 890.86 bln to states as share in taxes in Dec

NEW DELHI – The Centre on Friday released INR 1.730 trillion to states as their share in taxes for January, the finance ministry said in a release. The amount includes the usual tranche of monthly devolution to states and an additional instalment.

"A higher amount is being devolved this month to enable states to accelerate capital spending and finance their development and welfare-related expenditures," the ministry said. The Centre had released INR 890.86 billion to the states as a share in taxes in December, the ministry added.

With this, the total devolution to states released so far in the current financial year is INR 10.742 trillion. The government, in its Budget for 2024-25 (Apr-Mar), has projected devolution of INR 12.47 trillion to the states in the current year. This means the Centre will release two regular instalments in each of the remaining two months of the current fiscal.

The 15th Finance Commission has recommended sharing 41% of central taxes with states. Typically, the devolution is released to states in 14 equal instalments. End

Reported by Priyasmita Dutta

Edited by Ashish Shirke

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