Uttar Pradesh has the highest share of the state's wise distribution of net income from central taxes and duties. More than 13 thousand crore was collected from Central taxes in Uttar Pradesh.
According to the formula of the Finance Commission, the Central Government shall distribute the taxes received from the states and distributed on a state-by-state basis. The Centre awarded November's share to the states ahead of Diwali this time.
Uttar Pradesh has the highest share of the state's wise distribution of net income from central taxes and duties. More than 13 thousand crore was collected from Central taxes in Uttar Pradesh.
In appreciation of giving maximum financial assistance to UP, Chief Minister Adityanath paid his respects to Finance Minister Nirmala Sitharaman.
According to the formula of the Finance Commission, the Central Government shall distribute the taxes received from the states and distributed on a state-by-state basis. The Centre awarded November's share to the states ahead of Diwali this time.
The largest amount of 13,088 crores was given to UP, followed by Goa which received the lowest sum of 281 crores. Bihar, which received more than 7,300 crores, took the second place.
UP, Bihar, Madhya Pradesh, West Bengal and Maharashtra are the five top states in terms of share. These five states have received an amount of INR 37 thousand crores, out of the total released by the Central Government amounting to INR 72,961 crores.
"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," the Union finance ministry said in a statement.
This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people, it added.
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.