Section 58 of CGST Act 2017: Utilisation of Consumer Welfare Fund
Provisions under Section 58 of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Utilisation of Consumer Welfare Fund”, are as under:
Section 58 of CGST Act 2017: Utilisation of Consumer Welfare Fund (CHAPTER XI – REFUNDS)
(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.
Govt. has notified the Central Goods and Services Tax (CGST) Act, 2017 on 12 April, 2017 followed with various CBIC Notifications on commencement date for various Sections/ Provisions thereof from time to time. Govt. has further notified the Central Goods and Services Tax (CGST) (Amendment) Act, 2018 on 30 Aug. 2018 followed with CBIC Notification on commencement date of various Sections/ Provisions thereof from 1 Feb. 2019 vide Notification No. 2/2019 Central Tax dt. 29 Jan. 2019 except for amendments where the date of commencement is different from 1 Feb. 2019 and has specifically been mentioned in the CGST Amendment Act, 2018 itself.
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