Govt releases ₹72,961 crore as tax devolution to states; UP tops allocation
1 year, 1 month ago

Govt releases ₹72,961 crore as tax devolution to states; UP tops allocation

Live Mint  

The central government on Tuesday, November 7 authorised the release of tax devolution of ₹72,961.21 crore to state governments for November 2023 - three days ahead of schedule. “The Union Government has authorised the release of tax devolution of Re 72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November,” said the finance ministry said in a statement. The government usually releases funds under tax devolution to states on 10th of each month. Tax devolution is a major source of funds for states, used for spending on development, welfare and priority-sector projects and schemes.

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History of this topic

AP’s Receipts Rs.2.36 Lakh Crore Against Estimated Rs.2.56 Lakh Crore
1 month, 1 week ago

AP’s Receipts Rs.2.36 Lakh Crore Against Estimated Rs.2.56 Lakh Crore

Deccan Chronicle  

Vijayawada: Andhra Pradesh has total receipts of ₹2,36,511 crore against the budget estimate of ₹2,56,865 crore for 2023-24. As per the report on Andhra Pradesh accounts by the principal accountant general for 2023-24, AP registered tax revenue from various heads like Goods and Services Tax – ₹45,003 crore, Taxes on Income and Expenditure – ₹29,892 crore, Taxes on Property and …

U.P. govt mops up over ₹98k cr tax revenue in six months
2 months, 2 weeks ago

U.P. govt mops up over ₹98k cr tax revenue in six months

Hindustan Times  

The Uttar Pradesh government has earned higher tax and non-tax revenue in the first six months of 2024-25 vis-a-vis the previous financial year, collecting tax revenue of ₹98,886.75 crore from April 1 to September 30, 2024. Other main tax revenue earners for the state government included excise with collections of ₹22,564.29 crore from this head. The state government’s non-tax revenue …

Bihar witnessing high growth amid rising fiscal stress: CAG report
4 months, 3 weeks ago

Bihar witnessing high growth amid rising fiscal stress: CAG report

Hindustan Times  

The state finances audit report of Bihar for the financial year 2022-23, which was tabled in the assembly on Thursday, highlighted the challenges of the rising fiscal stress in the state despite its growing gross state domestic product at 15.55% over the last year. The fiscal deficit, the gap between the total expenditure and total non-debt receipt of the state …

Telangana Government presents State Budget with total outlay of ₹2.91 lakh crore
4 months, 4 weeks ago

Telangana Government presents State Budget with total outlay of ₹2.91 lakh crore

The Hindu  

The Telangana State Government has presented ₹2.91 lakh crore Budget for the Financial Year 2024-25 with emphasis on welfare and development of agriculture and allied sectors. Finance Minister Mallu Bhatti Vikramarka introduced the Budget in the Assembly on July 25 with estimated revenue expenditure of ₹2.2 lakh crore and capital expenditure of ₹33,487 crore. The Finance Minister presented the Budget, …

Centre releases ₹1.39 lakh crore to states in June
6 months, 1 week ago

Centre releases ₹1.39 lakh crore to states in June

Live Mint  

The Central government has devolved ₹1.39 lakh crore to states as devolution of its tax revenue in June, finance ministry stated on Monday. Centre devolves 41% of its tax revenue to state governments as part of the formula set by the Finance Commission. The Commission also examines the development needs of states and trends like tax buoyancy and major obligations …

‘Third-rate PR’: Cong's Jairam Ramesh slams Centre over tax devolution
6 months, 1 week ago

‘Third-rate PR’: Cong's Jairam Ramesh slams Centre over tax devolution

Hindustan Times  

Congress general secretary Jairam Ramesh on Monday slammed the Centre after it authorised the release of tax devolution to states for June, calling the move a “third-rate PR”. Congress leader Jairam Ramesh “The Finance Ministry has just announced what is being billed as a major tax devolution to states. On Monday, the Centre authorised the release of tax devolution of …

U.P. govt collected ₹2,813 cr more revenue in Feb this year
9 months, 2 weeks ago

U.P. govt collected ₹2,813 cr more revenue in Feb this year

Hindustan Times  

The Uttar Pradesh government on Monday claimed an increase of ₹2,813.88 crore in its revenue collections in February 2024. Minister for finance Suresh Khanna, briefing media persons, said the state government collected a revenue of ₹17,742.67 crore, 77.5 percent of the target of ₹22,888.79 crore in February 2024. government collected a tax revenue of ₹ 1,73,381.51 crore till February 29. …

Budgetary allocations in UP: 67% funds used so far, efforts on to utilise money by March 31
9 months, 2 weeks ago

Budgetary allocations in UP: 67% funds used so far, efforts on to utilise money by March 31

Hindustan Times  

LUCKNOW With the current financial year ending on March 31, 2024, the state government has so far used nearly 67% of the budgetary funds and efforts have been stepped up to ensure that departments make use of the funds without compromising on quality. The state government got an annual budget of ₹ 6.90 lakh crore approved from the state legislature …

Ajit Pawar presents interim budget, state debt reaches ₹7.82 lakh crore
9 months, 3 weeks ago

Ajit Pawar presents interim budget, state debt reaches ₹7.82 lakh crore

Hindustan Times  

MUMBAI: Finance minister Ajit Pawar on Tuesday presented a ₹6 lakh crore interim budget with a revenue deficit of ₹9,734 crore. While the government is aiming for a $1trillion state economy, its debt burden has reached ₹7.82 lakh crore after a net borrowing of ₹72,000 crore. The PM has announced welfare schemes for youth, women, the poor and farmers, which …

Bihar Budget: Govt. presents ₹2.79 lakh crore budget, growth rate ‘highest’ in country at over 10%
10 months, 1 week ago

Bihar Budget: Govt. presents ₹2.79 lakh crore budget, growth rate ‘highest’ in country at over 10%

The Hindu  

Amid pandemonium by Opposition legislators, Bihar Deputy Chief Minister Samrat Choudhary, who is also the Finance Minister, on Tuesday presented the ₹2.79 lakh crore Budget in the State Assembly days after the JD-BJP formed the government. Presenting the Budget, Mr. Choudhary said the current financial year 2023-24 saw 2.5 crore people rising above the poverty line in the State. “The …

Assam govt presents ₹774.47 crore deficit budget; no new taxes proposed
10 months, 1 week ago

Assam govt presents ₹774.47 crore deficit budget; no new taxes proposed

Hindustan Times  

With no new taxes proposed, Assam finance minister Ajanta Neog on Monday presented the state’s ₹774.47 cr deficit budget for 2024-25 financial year. Addressing the ongoing budget session, Neog mentioned that the total budget for the coming financial year will be ₹2.9 lakh crore. If we take into account the deficit of ₹2369.41 crore at the start of the financial …

Uttar Pradesh Finance Minister Suresh Kumar Khanna presents ₹7.36 lakh crore budget for FY-25 in State Assembly
10 months, 2 weeks ago

Uttar Pradesh Finance Minister Suresh Kumar Khanna presents ₹7.36 lakh crore budget for FY-25 in State Assembly

The Hindu  

Uttar Pradesh Finance Minister Suresh Kumar Khanna on February 5 presented the budget for financial year 2024-25 in the State Assembly with an outlay of ₹7.36 lakh crore, higher from current fiscal's budget of ₹6.90 lakh crore. The total outlay of ₹7,36,437.71 crore for the next fiscal includes new schemes worth ₹24,863.57 crore, the State Finance Minister said while presenting …

Key takeaways from interim Budget 2024-25 in charts
10 months, 3 weeks ago

Key takeaways from interim Budget 2024-25 in charts

The Hindu  

The Finance Minister presented her sixth budget today. Budget 2024 live updates Besides this, here are the charts that show key numbers from the interim Budget 2024: Budget at a glance The Finance Minister said that the Revised Estimate of the total receipts other than borrowings is Rs 27.56 lakh crore. Capital Expenditure Capital expenditure outlay was raised to ₹11.1 …

Consistent increase in 2023-24 revenue collections: UP govt
1 year ago

Consistent increase in 2023-24 revenue collections: UP govt

Hindustan Times  

LUCKNOW The UP government on Tuesday claimed a consistent increase in its revenue receipts with a collection of ₹2,580.78 crore more in November this year. We have maintained transparency in the release of data about tax and non-tax collections,” said minister for revenue Suresh Khanna while releasing the details about the state government’s total revenue collections. The state government’s non-tax …

Centre devolves ₹3.09 lakh crore to States till July
1 year, 4 months ago

Centre devolves ₹3.09 lakh crore to States till July

The Hindu  

The Centre has devolved over ₹3.09 lakh crore to States till July of the ₹10.21 lakh crore budgeted to be transferred in the current fiscal, Minister of State for Finance Pankaj Chaudhary said on July 25. "Out of ₹10.21 lakh crore estimated to be transferred to States for the FY 2023-24, ₹3,09,521.22 crore has been devolved till July 2023, in …

Centre approves release of ₹7,532 crore to 22 states under Disaster Response Fund
1 year, 5 months ago

Centre approves release of ₹7,532 crore to 22 states under Disaster Response Fund

Live Mint  

New Delhi: The Centre on Wednesday approved release of ₹7,532 crore to 22 state governments under the State Disaster Response Fund. The state disaster response fund has been constituted in each state under Section 48 of the Disaster Management Act, 2005. As per guidelines, funds are released on receipt of utilisation certificate of the amount released in the earlier instalment …

Bihar govt. presents ₹2.61 lakh crore ‘revenue surplus Budget’ for fiscal 2023-24
1 year, 9 months ago

Bihar govt. presents ₹2.61 lakh crore ‘revenue surplus Budget’ for fiscal 2023-24

The Hindu  

Bihar Finance Minister Vijay Kumar Choudhary on February 28, 2023 tabled over ₹2.61 lakh crore ‘revenue surplus Budget’ in the State Assembly, while putting thrust on employment, health and education sectors. “In our estimated revenue arrangement this is a revenue surplus Budget in which the State’s growth rate will be above 10%,” he told mediapersons, after presenting the Budget for …

Haryana CM presents ₹1,83,950 crore budget for 2023-24, up 11.6%; no new tax imposed
1 year, 10 months ago

Haryana CM presents ₹1,83,950 crore budget for 2023-24, up 11.6%; no new tax imposed

The Hindu  

Haryana government on Thursday presented a tax-free state budget for the 2023-24 financial year with an outlay of ₹1,83,950 crore, an increase of 11.6% in comparison to the previous year. The budget proposes an expenditure of ₹57,879 crore on capital asset creation representing 31.5% and ₹1,26,071 crore on revenue expenditure representing 68.5%. “In budget estimate 2023-24, I have projected revenue …

States may undershoot planned borrowings for Jan.-March: analysts
1 year, 11 months ago

States may undershoot planned borrowings for Jan.-March: analysts

The Hindu  

States may not borrow as much as the record $41 billion they plan to in the January-March quarter, which will help keep the spread between State and central government bond yields in check, analysts said. States plan to sell bonds worth ₹3.41 trillion, the highest quarterly borrowing ever scheduled, in the last three months of the financial year, according to …

6th Punjab Finance Commission: Mann government accepts key recommendations, ATR in next assembly session
2 years ago

6th Punjab Finance Commission: Mann government accepts key recommendations, ATR in next assembly session

Hindustan Times  

The Bhagwant Mann-led Aam Aadmi Party government has accepted the key recommendations of the Sixth Punjab Finance Commission regarding the devolution of tax revenues and their apportionment between the panchayati raj institutions and municipal bodies in the state. Bhagwant Mann-led Aam Aadmi Party government has accepted the key recommendations of the Sixth Punjab Finance Commission regarding the devolution of tax …

Centre Releases 8th Instalment Of Revenue Deficit Grant Of Rs 7,183 Crore To 14 States
2 years, 1 month ago

Centre Releases 8th Instalment Of Revenue Deficit Grant Of Rs 7,183 Crore To 14 States

News 18  

The central government has released the eighth monthly instalment of Post Devolution Revenue Deficit Grant of Rs 7,183.42 crore to 14 States, including Andhra Pradesh, Manipur, Meghalaya, Punjab and West Bengal among others for November, the Finance Ministry said in a statement on Monday. The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs 86,201 …

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue
2 years, 4 months ago

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue

Live Mint  

NEW DELHI: The state of Uttar Pradesh received the biggest share of central government’s revenue collections from excise duty on petroleum products in FY22, followed by Bihar, West Bengal and Madhya Pradesh, as per official data. Uttar Pradesh received about ₹6,693 crore last fiscal from the Centre’s excise duty collection which was shared with states as per a formula prescribed …

Centre releases Rs 95,082 cr to states as tax devolution for January
2 years, 11 months ago

Centre releases Rs 95,082 cr to states as tax devolution for January

India TV News  

Highlights Govt released Rs 95,082 crore to states with advance instalment of tax devolution of Rs 47,541 crore This is almost double their respective entitlement during the month of January. Uttar Pradesh will receive Rs 17,056.66 crore, Uttarakhand will get Rs 1,063.02 crore ahead of polls The government on Thursday released a total of Rs 95,082 crore to states with …

Centre releases Rs 95,082-cr to states as November tax devolution, says finance ministry
3 years, 1 month ago

Centre releases Rs 95,082-cr to states as November tax devolution, says finance ministry

Firstpost  

The increased amount of devolution in November is an advance release, and final adjustments will be made in March 2022 New Delhi: The Centre has released two instalments of tax devolution to the states amounting to Rs 95,082 crore in November, the finance ministry said on Tuesday. After a meeting with all chief ministers and state finance ministers recently, Union …

Finance Ministry Releases Rs 45,000 Crore to States as Additional Devolution on Buoyant Q4 Revenue Mop-up
3 years, 8 months ago

Finance Ministry Releases Rs 45,000 Crore to States as Additional Devolution on Buoyant Q4 Revenue Mop-up

News 18  

The Finance Ministry on Thursday said it has released Rs 45,000 crore to the states as additional devolution in the 2020-21 fiscal following revenue buoyancy in the March quarter. However, the Finance Ministry has devolved an amount of Rs 5,94,996 crore, based on the initial estimates of the shareable pool that would be collected in 2020-21, the ministry said in …

FinMin releases ₹45,000 crore to States as additional devolution on buoyant Q4 revenue mop-up
3 years, 8 months ago

FinMin releases ₹45,000 crore to States as additional devolution on buoyant Q4 revenue mop-up

The Hindu  

The Finance Ministry on Thursday said it has released ₹45,000 crore to the States as additional devolution in the 2020-21 fiscal following revenue buoyancy in the March quarter. As per the Revised Estimates for 2020-21, ₹5,49,959 crore, being 41 per cent of the shareable pool of taxes and duties were estimated to be released to the states. However, the Finance …

State seeks immediate release of ₹ 1,433 crore
4 years, 3 months ago

State seeks immediate release of ₹ 1,433 crore

The Hindu  

Municipal Administration Minister K. T. Rama Rao has written to Union Finance Minister Nirmala Sitaraman, highlighting that non-release of statutorily mandated Finance Commission grants and the COVID-induced shortfall in State's own revenues had handicapped Telangana no end. The State was also denied its rightful entitlement in the grants to urban local bodies recommended by the Fourteenth Finance Commission, Mr. Rao …

Centre Released Over Rs 3,024 Crore under Nirbhaya Fund to States and UTs, Says Govt
4 years, 3 months ago

Centre Released Over Rs 3,024 Crore under Nirbhaya Fund to States and UTs, Says Govt

News 18  

New Delhi: The Centre has released an amount of over Rs 3,024 crore under the Nirbhaya fund out of which states have utilised around Rs 1,919 crore, the Women and Child Development Ministry said on Friday. Responding to a question in the Lok Sabha, Women and Child Development Minister Smriti Irani gave out state-wise data of release and utilization of …

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