Central govt allocates Rs 3.66 lakh crore to states between April-July 24, Rs 57,109 cr more than last year

New Delhi [India], August 31 (ANI): The central government has received a total amount of Rs 10,23,406 crore by the end of July 2024 through various tax and non-tax revenues.

According to the report by the Ministry of Finance, the received amount represents 31.9 per cent of the Budget Estimates (BE) for FY 2024-25.

The receipts of the government are composed of Rs 7,15,224 crore in Tax Revenue (Net to Centre), Rs 3,01,796 crore in Non-Tax Revenue, and Rs 6,386 crore from Non-Debt Capital Receipts.

The central government on Friday consolidated and published the Monthly Accounts up to July 2024, providing a detailed insight into the financial performance of the government for the current fiscal year.

The report by the ministry, it highlighted that a significant portion of the Tax Revenue collected has been shared with the State Governments. Specifically, Rs 3,66,630 crore has been devolved as the State Governments’ share of taxes.

According to the ministry this is an increase of Rs 57,109 crore compared to the same period in the previous fiscal year. It reflects the fiscal federalism by the government.

The ministry said ” Rs 3,66,630 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is Rs 57,109 crore higher than the previous year”.

On the expenditure side, the government has incurred a total expenditure of Rs 13,00,351 crore up to July 2024, which is 27 per cent of the Budget Estimates for the year. Of this, Rs 10,39,091 crore has been spent on the Revenue Account, while Rs 2,61,260 crore has been directed towards Capital Account expenditures.

“Total Expenditure incurred by Government of India is Rs 13,00,351 crore (27.0 per cent of corresponding BE 2024-25), out of which Rs 10,39,091 crore is on Revenue Account and Rs 2,61,260 crore is on Capital Account” the ministry added.

The Revenue Expenditure, a substantial component of the government’s spending, includes Rs 3,27,887 crore earmarked for Interest Payments.

Additionally, Rs 1,25,639 crore has been allocated towards major Subsidies, highlighting the government’s effort to support essential sectors and provide relief to vulnerable sections of society through subsidies.

This consolidated financial report up to July 2024 highlights the government’s efforts in managing the country’s finances, balancing between revenue generation and necessary expenditures, while also maintaining the flow of resources to state governments.