AT Photo: Union Finance Minister, Nirmala Sitharam (left) and Assam Chief Minister, Himanta Biswa Sarma (right). Assam receives Rs 5,573 crores following tax devolution announced by Centre
Guwahati, Oct. 11: The Union Government has released a tax devolution of ₹ 1,78,173 crores to State Governments on Thursday as against the normal monthly devolution of ₹89,086.50 crore.
The tax devolution includes one advance installment, in addition to the regular installment due in October 2024.
Assam received ₹ 5,573 crores as tax devolution by the Centre.
Taking to a popular micro-blogging website, Assam Chief Minister, Himanta Biswa Sarma, claimed that this will help the State realise its goal of a Viksit Assam through timely policy interventions.
“My sincere gratitude to Hon’ble Prime Minister Shri Narendra Modi Ji and Finance Minister Smt Nirmala Sitharaman ji for releasing ₹5,573cr as tax devolution to Assam. This advance installment will help us to realise the vision of a Viksit Assam through timely policy interventions,” shared on his social media handle.
In the tax devolution done by the Centre on Thursday, the largest share of funds went to Uttar Pradesh with an allocation of ₹ 31,962 crores; followed by Bihar, which received ₹ 17,921 crores. The two States were followed by Madhya Pradesh which received an allocation of ₹ 13,987 crores, closely followed by West Bengal which received an allocation of₹ 13,404 crores. Maharashtra followed in the fifth place, having received ₹ 11,255 crores from the Centre.
Among the north-eastern states, Arunachal Pradesh received ₹ 3,131 crores; Manipur, ₹ 1,276 crores; Meghalaya, ₹ 1,367 crores; Mizoram, ₹ 891 crores; Nagaland, ₹ 1,014 crores; Tripura, ₹ 1,261 crores; and Sikkim, ₹ 691 crores.
The announcement of tax devolution came after a high-level meeting between the Finance Secretary and the Secretary of the Department of Economic Affairs, highlighting the Union government’s commitment to sustain economic growth through State-level investments.
Tax devolution refers to the distribution of tax revenues between the Union government and the State governments. It is a mechanism mandated by the Constitution of India for the allocation of proceeds of certain taxes among the Union and the States in a fair and equitable manner.
