Uttarakhand CM Dhami thanks PM Modi, FM Sitharaman for releasing tax devolution fund to State

Dehradun (Uttarakhand) [India], June 11 (ANI): Uttarakhand Chief Minister Pushkar Singh Dhami has expressed his gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for releasing an amount of Rs. 1562.44 crore to Uttarakhand in the tax-transfer process.

Furthermore, the Chief Minister also conveyed the usage of the fund and stated that the State government will successfully implement developmental schemes and operate new schemes with the help of these funds, provided by the Ministry of Finance.

Taking to social media platform the Uttarakhand Chief Minister wrote in Hindi, “Heartfelt thanks to the successful Prime Minister Mr. @narendramodi and Finance Minister Mrs. @nsitharaman ji for releasing the amount of Rs. 1562.44 crore to Uttarakhand in the tax-transfer process. Through this amount, along with the successful implementation of the development plans of the state, help will be received in running new schemes.”

On June 10, the Union Ministry of Finance released an additional installment of the tax devolution share of States along with their due share for June 2024. Effectively, Rs1,39,750 crore is being transferred to States this month. The Ministry of Finance statement read, “With today’s release, total Rs 2,79,500 crore devolved to States for FY2024-25 till 10th June 2024”.

In the tax devolution, Uttar Pradesh, Bihar, Madhya Pradesh and West Bengal are top receivers with a fund of Rs. 25069.88 crore, Rs. 14056.12 crore, Rs. 10970.44 crore and Rs. 10513.46 crore respectively.

Maharashtra and Gujrat have received Rs. 8828.08 crore and Rs. 4860.58 crore.

Southern states including Karnataka, Andhra Pradesh, Telangana, Kerala and Tamil Nadu have received funds of Rs. 5096.72 crore, Rs. 5655.72 crore, Rs. 2937.58 crore, Rs. 2690.28 crore and Rs. 5700.44 crore respectively.

In a press release, the Ministry of Finance said, “It has been decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released. This release cumulatively amounts to Rs. 1,39,750 crores in the current month. This will enable State Governments to accelerate development and capital spending.

“The Interim Budget 2024-25 has a provision of Rs. 12,19,783 crores towards devolution of taxes to States. With this release, the total amount devolved (for FY 2024-25) to States till 10 June 2024 is Rs. 2,79,500 crores.”

Finance Ministry has announced an additional instalment of tax devolution to states for June 2024, in a move to support state finances and spur economic development. The total amount released to states for June now stands at Rs 1,39,750 crore.

This decision aims to provide states with the financial resources needed to accelerate their development projects and capital spending.