The Finance Ministry on Wednesday said the Centre has already released eight months of GST compensation dues to the states for the fiscal ended March 2022 and ₹ 78,704 crore is pending due to inadequate balance in the cess fund.
On the day the prime minister exhorted states to cut the VAT rate on petrol and diesel, the Finance Ministry announced that the Centre owes ₹ 78,704 crore to the states, P Chidambaram said.
“The amount owed is actually more. If you add the amounts that the states claim are owed to them, the total amount may be bigger. Only the Controller of Government Accounts (CGA) can certify the correct amount,” the former finance minister said on Twitter.