Central Government Increases State Allocations To Rs 3.66 Lakh Crore

On Friday, the central government released the Monthly Accounts up to July 2024, providing a detailed overview of its financial performance for the current fiscal year.

As per the report, a significant portion of the collected tax revenue has been allocated to the state governments, with Rs 3,66,630 crore devolved as their share of taxes. This represents an increase of Rs 57,109 crore compared to the same period last year.

According to the ministry, “Rs 3,66,630 crore has been transferred to state governments as their share of taxes, which is Rs 57,109 crore more than in the previous year.”

In terms of expenditure, the government has spent a total of Rs 13,00,351 crore up to July 2024, amounting to 27% of the Budget Estimates for the year. Of this, Rs 10,39,091 crore was allocated to revenue expenditures, and Rs 2,61,260 crore was directed towards capital expenditures.

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The report also notes that revenue expenditure includes Rs 3,27,887 crore for interest payments and Rs 1,25,639 crore for major subsidies.

Earnings Of Central Government

Meanwhile, the central government had accumulated Rs 10,23,406 crore in various tax and non-tax revenues, by the end of July 2024.

These receipts include Rs 7,15,224 crore in net tax revenue, Rs 3,01,796 crore in non-tax revenue, and Rs 6,386 crore from non-debt capital receipts.

According to a Ministry of Finance report, this amount represents 31.9% of the Budget Estimates (BE) for the fiscal year 2024-25.

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(With Inputs From ANI)