Centre Authorises Release Of Tax Devolution Of Rs 72,961 Crore To States

Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year

According to the release, tax devolution will enable the states to make in-time releases and add to the festivities and celebrations among the people.

Source : Getty

The central government on Tuesday authorised release of tax devolution of Rs 72,961.21 crore to states for November. The Union finance ministry in a statement on Tuesday said, "The Union Government has authorised the release of tax devolution of Re 72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November."

According to the release, this will enable the state governments to make in-time releases and add to the festivities and celebrations among the people.

Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year. 

State-wise distribution of net proceeds of Union taxes and duties for November, 2023

Sl. No	Name of State	Total (₹ crore)
1	ANDHRA PRADESH	2952.74
2	ARUNACHAL PRADESH	1281.93
3	ASSAM	2282.24
4	BIHAR	7338.44
5	CHHATTISGARH	2485.79
6	GOA	281.63
7	GUJARAT	2537.59
8	HARYANA	797.47
9	HIMACHAL PRADESH	605.57
10	JHARKHAND	2412.83
11	KARNATAKA	2660.88
12	KERALA	1404.50
13	MADHYA PRADESH	5727.44
14	MAHARASHTRA	4608.96
15	MANIPUR	522.41
16	MEGHALAYA	559.61
17	MIZORAM	364.80
18	NAGALAND	415.15
19	ODISHA	3303.69
20	PUNJAB	1318.40
21	RAJASTHAN	4396.64
22	SIKKIM	283.10
23	TAMIL NADU	2976.10
24	TELANGANA	1533.64
25	TRIPURA	516.56
26	UTTAR PRADESH	13088.51
27	UTTARAKHAND	815.71
28	WEST BENGAL	5488.88
	Grand Total	72961.21

The goods and services tax (GST) collections in October climbed to at Rs 1.72 lakh crore, the second highest-ever, according to the finance ministry release on November 1. The GST collections are 13 per cent higher than the Rs 1.52 lakh crore collected in October in the year-ago period.

The average gross monthly GST collection in the FY23-24 now stands at Rs 1.66 lakh crore, 11 per cent higher than the year-ago period. The average gross monthly GST collection in the current fiscal has also shown an 11 per cent growth year-on-year at Rs 1.66 lakh crore.

During October, revenue from domestic transactions was 13 per cent higher year-on-year. The gross GST revenue collected in October 2023 is Rs 1,72,003 crore, out of which Rs 30,062 crore is Central GST, Rs 38,171 crore is State GST, Rs 91,315 crore (including Rs 42,127 crore collected on import of goods) is Integrated GST, and Rs 12,456 crore (including Rs 1,294 crore collected on import of goods) is cess.

The government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST. The total revenue of the Centre and states in October after regular settlement is Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.