Share Of Telangana In Central Tax Rs. 3,745 Cr Released
Hyderabad, Oct 11 (Maxim News): Telangana GST share for October 2024, of Rs. 3,745 crores was released by the Central government. The Central government has released Rs. 7,211 crores to the neighboring share of Andhra Pradesh.
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The Union Finance Department released the share of taxes due to the states for the month of October. As part of this, the Finance Department disclosed that Rs. 1,78,173 crores have been released to 28 states/Union Territories of the country. It said that Rs. 89,087 crores have been released to the states under the share of taxes for the month of October, whereas, in the share of taxes, Uttar Pradesh has the highest share of Rs. 31,962 crores.
Next is Bihar with Rs. 17,921 crores and Madhya Pradesh with Rs. 13,987 crores, Bengal Rs. 13,404 crores has been released by the Centre. Goa released Rs. 688 crores as the lowest.
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According to the rules, the share of central taxes can be distributed to the states in 14 installments in a financial year. In contrast to this, it explained that the share of taxes was released three times in March with eleven installments in 11 months. It has been clarified that the latest advance installment has been distributed to provide financial assistance for development and welfare-related expenses during the festival season.
Along with Telangana, many states are demanding to increase the share of states in central taxes to 50 percent. The Congress government of the state explained these issues to the 16th Finance Commission which came to Telangana recently. It proposed to increase the share of central taxes to 50 percent. Also, the Deputy Chief Minister emphasized the same in the GST Council meeting. In fact, according to the recommendations of the 15th Finance Commission, 41 percent of central taxes should be given to the states.
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In contrast to this, the finance department has estimated that 32.5 percent of the central taxes will be shared with the states in the fiscal year 2024. Due to this, the states are expressing concern that the share from the center will also decrease in cess and surcharges. (Maxim News)
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