Section 58 of CGST Act as utilization of funds upto oct 2023

Section 58 of CGST Act provide for the utilization of funds. Amount of refund in GST will be transferred to this fund unless the taxpayer is eligible to it.

“(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.”

(As given in CGST Act)

Chart of section

Go To Section 57                                                        Go To Section 59