In a proactive move aimed at enhancing the festive spirit, the Union Government has greenlit the early release of tax devolution, amounting to a substantial ₹72,961.21 crore, to all State Governments for November 2023. This decision, made on 7th November, three days ahead of the regular schedule, allows State Governments to promptly allocate funds, contributing to the celebratory atmosphere during the upcoming festivals.
The distribution of the net proceeds of Union Taxes and Duties is meticulously outlined, with each state receiving its designated share. This initiative not only ensures timely financial support for state-led activities but also fosters a sense of financial buoyancy during the joyous season.
The move reflects the government’s commitment to facilitating state-level festivities and fostering a spirit of economic well-being across the nation. The breakdown of funds per state is outlined in the accompanying table.
Blog Title: Union Government releases tax devolution of ₹72,961.21 crore to State Governments for November, 2023
The Union Government has authorised the release of tax devolution of ₹72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November. This is three days ahead of the usual date, and is being done to enable the State Governments to make in-time releases during the upcoming festive season.
The state-wise breakup of the amounts released is as follows:
|Sl. No.||Name of State||Total (₹ Crore)|
This proactive and considerate approach by the Union Government aligns with the broader goal of promoting financial inclusivity and ensuring a prosperous and jubilant festive season for citizens across the country.