India News | Add'l Instalment of Tax Devolution to Be Released to States on June 2: FinMin

New Delhi, May 30 (PTI) The government on Friday approved an additional instalment of Rs 81,735 crore as tax devolution to states, which will be released on June 2.

This release is in addition to the regular monthly instalment of tax devolution of Rs 81,735 crore, which will be released on June 10, 2025.

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"The Union Government has approved an additional instalment of Rs 81,735 crore as Tax Devolution to the State Governments, which will be released on June 2, 2025," the finance ministry said in a statement.

The additional instalment of devolution to states is in line with the principle of cooperative federalism and the aim of becoming 'Viksit Bharat' by 2047, it added.

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"The additional instalment of devolution will enable the states to speed up their Capital spending, finance their development and welfare-related expenditure and also make available resources for priority projects/schemes of the states," the ministry said.

Currently, 41 per cent of taxes collected by the Centre is devolved in instalments among states during a fiscal year.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)