Central Government allocated Rs.5.28 lakh crore to States for Tax Devolution

The Government of India has transferred Rs.5,28,405 crore to state governments as Devolution of Share of Taxes up to this period, representing a Rs.93,966 crore increase over the previous year.

The Union Government of India has consolidated and released the Monthly Account for the financial year ending October 20, 2023.

Here are the key highlights:

The total receipts obtained by the government are Rs.15,90,712 crore, representing 58.6% of the comparable Budget Estimate (BE) for 2023-24. This consists of Rs.13,01,957 crore in Tax Revenue (Net to Centre), Rs.2,65,765 crore in Non-Tax Revenue, and Rs.22,990 crore in Non-Debt Capital Receipts. Non-Debt Capital Receipts are made up of Rs.14,990 crore from Loan Recovery and Rs.8,000 crore from Miscellaneous Capital Receipts.

The overall expenditure incurred by the Government of India is Rs.23,94,412 crore, representing 53% of the comparable BE for 2023-24. This spending is broken down into Rs.1847,488 crore in revenue and Rs.5,46,924 crore in capital. Interest Payments account for Rs.5,45,086 crore of total Revenue Expenditure, while Major Subsidies account for Rs.2,31,694 crore.