Section 58 of GST – Utilisation of Fund

Section 58 of GST – Utilisation of Fund as per GST Act. Check Details for GST Section 58 In this section you may find all details for Utilisation of Fund as per GST Act 2017Detailed Analysis of GST Section 58 of GST Act 2017. We Provide Complete Details for All GST Section’s and In this article you may find all details for GST Section 58. Check Section Wise Analysis of GST Act 2017, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 58 of GST Act 2017 – Utilisation of Fund, gst all sections and definitionsNow Check more details from below…..

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Section 58 of GST – Utilisation of Fund as per GST Act

(1) All sums credited to the Fund shall be utilised by the Government for the welfare of the consumers in such manner as may be prescribed.

(2) The Government or the authority specified by it shall maintain proper and separate account and other relevant records in relation to the Fund and prepare an annual statement of accounts in such form as may be prescribed in consultation with the Comptroller and Auditor-General of India.

Analysis and Updates

Introduction

The monies credited to the Consumer Welfare Fund are meant to provide financial assistance to promote and protect the welfare of the consumers and strengthen the consumer movement in the country.

Analysis

  • (i) It should be ensured that the monies credited to the fund shall be utilized to provide assistance to protect the welfare of consumers as per the rules made by the Government
  • (ii) The Government shall maintain proper and separate records in relation to the Fund in consultation with the Comptroller and Auditor-General of India.
  • (iii) As per Rule 97(9) of the CGST Rules, the Central Consumer Protection Council and the Bureau of Indian Standards shall recommend to the Goods and Service Tax Council, the broad guidelines for considering the projects or proposals for the purpose of incurring expenditure from the Consumer Welfare Fund.

Comparative review

These provisions are broadly similar to the erstwhile provisions contained in Section 12D of the Central Excise Act, 1944.

FAQ

Q1. How can it be traced whether the amount in the fund is utilised for the welfare of the consumers?

Ans. The Government shall maintain proper and separate account and other relevant records in relation to the Fund and prepare an annual statement of accounts in such form as may be prescribed in consultation with the Comptroller and Auditor-General of India. From these records, it can be ascertained if the amount in the fund were utilised for the welfare of the consumers.

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