Centre’s transfer of Tax revenue to states up by over INR 2.25 lakh crore in 2023-24

NEW DELHI — The Centre has transferred INR 10,33,433 crore to State Governments as devolution of share of taxes during the 11 months of the current financial year up to February 2024 which is INR 2,25,345 crore higher than the previous year, according to figures released by the Finance Ministry on Thursday.

According to the monthly review of accounts, the Government of India has received INR 22,45,922 crore (81.5 per cent of corresponding RE (revised estimate) 2023-24 of Total Receipts) up to February, 2024 comprising INR 18,49,452 crore Tax Revenue (Net to Centre), INR 3,60,330 crore of Non-Tax Revenue and INR 36,140 crore of Non-Debt Capital Receipts.

Non-Debt Capital Receipts consist of recovery of loans to the tune of INR 23,480 crore and miscellaneous capital receipts of INR 12,660 crore.

Total expenditure incurred by Government of India is INR 37,47,287 crore (83.4 per cent of corresponding RE 2023-24), out of which INR 29,41,674 crore is on Revenue Account and INR 8,05,613 crore is on Capital Account.

Out of the total revenue expenditure, INR 8,80,788 crore is on account of interest payments and INR 3,60,997 crore is on account of major subsidies.