Additional Rs 81,735 crore tax devolution ok'd for states
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
New Delhi: The central government on Friday approved an additional instalment of ₹81,735 crore in tax devolution to state governments, which will be released on June 2, an official statement said.This is in addition to the regular monthly instalment of the same amount, scheduled for release on June 10, 2025.The additional instalment will enable states to speed up their capital spending, finance their development and welfare-related expenditure, and make available resources for priority projects and schemes, the finance ministry said in a social media post on X on Friday. The move will provide a much-needed stimulus to the economy, as state capital spending has a multiplier effect on driving economic growth."The additional instalment of devolution to states is in line with the principle of co-operative federalism and the aim of becoming 'Viksit Bharat' by 2047," the ministry said.Currently, 41% of taxes collected by the Centre are devolved in instalments to states during a fiscal year. For the first month of the current fiscal, the Centre received ₹1.89 lakh crore net tax revenue, Rs 67,160 crore of non-tax revenue, and ₹22,459 crore of non-debt capital receipts, on account of recovery of loans, official data showed.According to the Controller General of Accounts data, released earlier in the day, ₹12.86 lakh crore was transferred to state governments as a devolution of share of taxes by the government up to March 2025, which is ₹1,57,391 crore higher than the previous year. For FY26, tax devolution to states is estimated at ₹14.22 lakh crore.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
27 minutes ago
- New Indian Express
Tech firm fined Rs 1 lakh for levelling allegations against TN govt official
CHENNAI: The Madras High Court has imposed a cost of Rs 1 lakh on Cognizant Technology Solutions Private Limited for levelling unsubstantiated 'serious allegations' against a top labour department official, a quasi-judicial officer, in connection with an order passed to set aside the termination of an employee of the firm. Justice AD Maria Clete passed the orders while dismissing the petitions filed by the subsidiary of the US-based tech firm challenging the order of the special joint commissioner of labour (JCL), who is the appellate authority. The JCL, by an order dated October 18, 2019, set aside the order of the firm issued on December 21, 2015 to terminate Sivakumar Krishnamurthy, an associate director of the company, from the service on the grounds of under-performance and causing loss to the firm. The JCL also ordered his reinstatement with back wages on an appeal filed by him under the TN Shops and Establishments Act, 1947. The matter was entangled in several litigations as Krishnamurthy filed petitions in the high court seeking to expedite the hearing and disposal, and later, for transferring the matter from the JCL concerned. After the JCL passed the orders, the tech firm moved the high court with petitions challenging the orders and levelled certain allegations and even questioned the official's integrity stating she had favoured the same person who sought transfer of the case. Justice Maria Clete remarked, 'If the allegations made by the petitioner (Cognizant) against the statutory appellate authority are to be taken at face value, it would render it virtually impossible for any authority to discharge its quasi-judicial functions.'
Hans India
36 minutes ago
- Hans India
Home Minister assures justice to displaced families through R&R package
Anakapalli: Home Minister Vangalapudi Anitha informed that as part of the Relief and Rehabilitation (R&R) package, a layout with all facilities is being facilitated for displaced families who gave lands to set up a bulk drug park and an AM/NS Steel Plant in the district. Holding a meeting with leaders of DL Puram, Rajayyapeta, Buchi Rajupeta, Chandanada, and Vempadu villages of Nakkapalli mandal here on Saturday, the Home Minister mentioned that the district is very conducive to industrial development with its wide coastline and national highway connectivity. The Home Minister said that a bulk drug park and ArcelorMittal Nippon Steel industry will be established in the district. Anitha stated that proposals are being made to set up a toy park in the district, which will provide employment to 25,000 women. Giving importance to the displaced families, the Home Minister said that a layout with all amenities will be set up in an area of 151 acres at Bodhigalam village. She informed that each family is being provided with five cents of land and Rs.9 lakh for construction of a house. The Home Minister said that a total of Rs.693 crore was allotted as an R&R package and Rs.209 crore will be spent on setting up the infrastructure in the layout. Further, Anitha mentioned that facilities like school, Anganwadi centre, community hall, playground will form a part of the layout. It has been identified that there are 289 educated youth in the displaced villages, and they will be given skill development training by spending Rs.30,000 on each youth to get employment. She appealed to the people to cooperate in the government's vision to develop the district and resolve problems in a harmonious manner. The Sarpanches and leaders of the displaced villages brought their issues to the notice of District Collector Vijaya Krishnan and officials of the APIIC and revenue department. Responding to them, the Minister assured them that steps will be taken to resolve them at the earliest. At Uddandapuram village in Payakaraopeta constituency, the Home Minister distributed pensions to the beneficiaries. Visiting one of the residents' houses Govind, the Home Minister made tea and served it to his family members. Later, she inaugurated the second phase of the free gas cylinder distribution programme.
Hans India
an hour ago
- Hans India
All set for ration distribution at fair price shops from today
Vijayawada: All arrangements have been made for the distribution of ration from June 1 at the fair price shops in the State. The State government has decided to stop the use of Mobile Dispensing Units (MDU) which were used to deliver the ration near the residences of the ration card holders and restore the fair price shops. Civil Supplies Minister Nadendla Manohar will launch the distribution of ration from the fair price shops in Pithapuram on Sunday. As per the orders, ration will be distributed from 1 to 15 every month from morning 8 am to 12 noon and again from 4 pm to 8 pm. Ration card holders can visit the nearest fair price shop to take the ration. The government has decided to deliver the ration at their homes to the senior citizens aged above 65 years and physically challenged. A total of 15,74,057 people both senior citizens and disabled will get ration at their homes. Civil Supplies Minister Nadendla Manohar said people can visit their nearest fair price shop and get ration due to portability. He instructed the 29,796 fair price shop dealers to display the stock, price and other information. He instructed the dealers to clearly display the phone numbers of the officials of the revenue, legal metrology and civil supplies department at their shops. Manohar alleged that earlier in the YSRCP rule, ration was not distributed properly and Mobile Dispensing Units (vans) were halted near the residences for a brief time and many people could not get the ration. He said people now need not wait at their homes for the ration and they can visit the nearest fair price shop to get ration as per their convenience. He said irregularities in distribution of ration can be prevented with halting of MDU vehicles in the State. Deputy Chief Minister K Pawan Kalyan in a statement said the previous government has purchased Mobile Dispensing Units at a cost of Rs 1,600 crore and distributed ration for only one or two days in a month. He said people faced hardships due to non-availability of ration. He said the coalition government has conducted a detailed inquiry on the diversion of PDS rice and caught the rice stocks at the ports in Kakinada and Vizag.
