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The Government shall constitute a Fund, to be called the Consumer Welfare Fund and there shall be credited to the Fund,-
(a) the amount referred to in sub-section (5) of section 54;
(b) any income from investment of the amount credited to the Fund; and
(c) such other monies received by it, in such manner as may be prescribed.57.1 Introduction
If the applicant is unable to prove that the incidence was not actually passed onto any other person then the refund amount is credited to the Consumer Welfare fund.
The overall objective of the Consumer Welfare Fund is to provide financial assistance to promote and protect the welfare of the consumers and strengthen the consumer movement in the country.
57.2 Analysis
The following amounts will be credited to the Fund, in such manner as may be prescribed, – • the amount of refund referred to in sub-section (5) or sub-section (6) of section 54; and
• any income earned from investment of the amount credited to the Fund and • such other monies received by it from the Government.
57.3 Comparative Analysis with the present law
These provisions are broadly similar to the provisions contained in existing Central Indirect Tax laws.
57.4 Related provisions
Section Description
Section 54 Provision for claiming refund of tax
Section 58 Provisions relating to the manner of utilization of the fund.
57.5 FAQs
Q1. Which are the amounts credited to Consumer Welfare Fund?
Ans. The following amounts will be credited to the Fund, in such manner as may be
prescribed, –
• the amount of refund referred to under sub-section (5) or sub-section (6) of section 54; and
• any income earned from investment of the amount credited to the Fund and • such other monies received.
57.6. MCQ
Q1. In cases where the application of refund is found to be in order, the refund amount shall be credited to …………………. Fund.
(a) Investor Protection and Education Fund
(b) Consumer Protection Fund
(c) Consumer Welfare Fund
(d) Refund Claim Fund
Ans. (c) Consumer Welfare Fund
Q2. The overall objective of the Consumer Welfare Fund is (a) To facilitate a simplified refund mechanism.
(b) to promote and protect the welfare of the consumers and strengthen the consumer movement in the country.
(c) To boost the overall growth of the economy
(d) Both a and c
Ans. (b) to promote and protect the welfare of the consumers and strengthen the consumer movement in the country
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