Amended and updated notes on section 58 of CGST Act, 2017. Detail discussion on provisions and rules related to utilisation of Fund.
Chapter XI (Sections 54–58) of the Central Goods and Services Tax Act, 2017 deals with the provisions related to refunds. Section 58 of CGST 2017 provides for utilisation of Fund.
Recently, we have discussed in detail section 57 (Consumer Welfare Fund) of CGST Act 2017. Today, we learn the provisions of section 58 of Central GST Act 2017.
Section 58 of the Central Goods and Services Tax Act, 2017 has been notified by the Ministry of Finance vide Notification No. 9/2017-Central Tax, G.S.R. 658(E), dated 28.06.2017. This notification was come into force from 1st July, 2017 i.e. the commencement date of section 58 is 1-7-2017.
| Name of Act | The Central Goods and Services Tax Act 2017 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Central Board of Indirect Taxes & Customs |
| Governing body | GST Council |
| Number of Chapters | 21 |
| Number of Sections | 174 |
| You are reading: | |
| Chapter No. | XI |
| Chapter Name | Refunds |
| Section No. | 58 |
| Section Name | Utilisation of Fund |
| Updated 2024 Edition | GST Law Book PDF |
Section 58 of Central GST – Utilisation of Fund1
Section 58 of CGST Act 2017 shall come into force on 01.07.2017 vide Notification No. 9/2017-Central Tax, G.S.R. 658(E), dated 28.06.2017.
Section 58(1) of CGST Act
Section 58(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.
Section 58(2) of CGST Act
Section 58(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.
- Section 58 of CGST Act 2017 shall come into force on 01.07.2017 vide Notification No. 9/2017-Central Tax, G.S.R. 658(E), dated 28.06.2017. ↩︎