PANAJI: The Central government released the third instalment of tax devolution to state governments, amounting to a total of ₹1,18,280 crore. Goa received Rs 457 crore.
This amount released surpasses the normal monthly devolution of ₹59,140 crore, reflecting the government’s commitment to supporting the financial needs of the states.
The additional advance instalment provided to the states aims to facilitate and expedite capital spending, finance development and welfare-related expenditures, and ensure the availability of resources for priority projects and schemes.
“One advance instalment in addition to the regular instalment due in June 2023 is being released to states to enable them to speed up capital spending, finance their development/ welfare related expenditure and also to make available resources for priority projects/ schemes,” it added.
The funds have been allocated to the states based on a predefined formula that takes into account various factors such as population, area, and fiscal capacity. The state-wise distribution of the net proceeds of union taxes and duties for June 2023 reveals the amounts received by each state.
Andhra Pradesh, the southern state, received ₹4,787 crore, while Arunachal Pradesh, located in the northeastern region, received ₹2,078 crore. Assam, Bihar, Chhattisgarh, and Gujarat were allocated ₹3,700 crore, ₹11,897 crore, ₹4,030 crore, and ₹4,114 crore, respectively.