Centre's tax devolution to states up by Rs 2.25 lakh crore in FY24

New Delhi [India], March 28 : Total funds amounting to Rs 10.3 lakh crore have been transferred to state governments as a devolution of share of taxes by the central government, which is Rs 2.25 lakh crore higher than it had done the previous year, the Ministry of Finance said in a release on Thursday.

The minister today published the monthly account of the Union Government of India up to the month of February, 2024.

The centre received Rs 22.45 lakh crore (81.5 per cent of corresponding revised estimates of 2023-24 of total receipts) up to February, 2024 comprising Rs 18,49 lakh crore Tax Revenue (Net to Centre), Rs 3.60 crore of Non-Tax Revenue and Rs 36,140 crore of Non-Debt Capital Receipts.

Non-Debt Capital Receipts consists of Recovery of Loans Rs 23,480 crore and Miscellaneous Capital Receipts of Rs 12,660 crore.

Further, total expenditure incurred by centre is Rs 37.47 lakh crore (83.4 per cent of corresponding revised estimates of 2023-24), out of which Rs 29.41 lakh crore is on revenue account and Rs 8.05 lakh crore is on capital account.

Out of the total revenue expenditure, Rs 8.80 lakh crore is on account of interest payments and Rs 3.60 lakh crore is on account of "major" subsidies.