Chapter XI (Sections 54-58) of the Central Goods and Services Tax (CGST) Act, 2017 deals with provisions related to Refunds. Section 58 of Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Utilisation of Fund under CGST Act 2017.
Recently, we have discussed in detail section 57 (i.e. Consumer Welfare Fund) of CGST Act 2017. Today, we learn the provisions of section 58 of the CGST Act 2017. Complete Details of CGST Section 58 – Utilisation of Fund. You may CLICK HERE to download list of all sections of CGST Act 2017 in PDF format.
Notes on Section 58 of CGST Act 2017
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. In this note, you will learn detail of the provisions of section 58 of CGST Act 2017 read with Central GST Rules 2017.
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.
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.