New Delhi : The Central government has approved the early release of tax devolution amounting to Rs 72,961.21 crore to state governments for the month of November, ahead of the stipulated date of November 10. This early allocation is intended to facilitate timely disbursements by state governments, adding to the festive spirit and celebrations among the people, according to a statement from the Ministry of Finance.
Uttar Pradesh received the largest allocation at Rs 13,088.51 crore, followed by Bihar at Rs 7,338.44 crore. West Bengal, another state known for vibrant Durga Puja and Diwali celebrations, was granted Rs 5,488.88 crore for November. Maharashtra received Rs 4,608.96 crore, while the poll-bound states of Madhya Pradesh and Chhattisgarh received Rs 5,727.44 crore and Rs 2,485.79 crore, respectively.
The Union Government also authorized the release of tax devolution amounting to Rs 2,952.74 crore to the Andhra Pradesh State Government and Rs 1,533.64 crore to the Telangana State Government for November.
It’s worth noting that GST revenue growth rebounded in October, with tax collections increasing at a 10-month high rate of 13.4%, reaching the second-highest monthly collection of Rs 1.72 lakh crore. October’s GST receipts exceeded those in September by 5.7%, when growth in indirect tax had slowed to a 27-month low of 10.2%.
Out of the total revenue of Rs 1.72 lakh crore, Rs 30,062 crore is CGST, Rs 38,171 crore is SGST, Rs 91,315 crore is IGST, and Rs 12,456 crore is cess. The Finance Ministry reported that the Centre disbursed Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST.
The total revenue for the Centre and the states in October, following regular settlements, amounted to Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.
