Sec 58 – Utilisation of Fund

You are here :Home>Bare Law>Sec 58 – Utilisation of Fund
Sec 58 – Utilisation of Fund 2017-04-22T19:07:55+00:00
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • Ashish BadalaCA Ashish Badala
    Moderator
    Post count: 184
    Topics: 181
    Replies: 3
    Been thanked: 5 times
    #934 |

    (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.

    Priya MadrechaPriya Madrecha
    Moderator
    Post count: 280
    Topics: 4
    Replies: 276
    Been thanked: 1 time

    58.1    Introduction
    The monies credited to the Consumer Welfare Fund are meant to provide financial assistance to promote and protect the welfare of the consumers and strengthen the consumer movement in the country.
    58.2    Analysis
    (i)    It should be ensured that the monies credited to the fund shall be utilized to provide assistance to protect the welfare of consumers as per the rules made by the Government
    (ii)    The Government shall maintain proper and separate records in relation to the Fund in consultation with the Comptroller and Auditor-General of India.
    58.3    Comparative review
    These provisions are broadly similar to the existing provisions contained in Section 12D of the Central Excise Act, 1944.
    58.4    Related provisions
    Section     Description
    Section 54     Provision for claiming refund of tax
    Section 57      Provisions relating to the amounts to be credited to Consumer Welfare Fund.
    58.5    FAQ
    Q1. How can it be traced whether the amount in the fund is utilised for the welfare of the consumers?
    Ans. The Government 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. From these records, it can be ascertained if the amount in the fund were utilised for the welfare of the consumers.
    58.6    MCQ
    Q1. Proper and separate account and other relevant records in relation to the Fund in prescribed form in consultation with the Comptroller and Auditor-General of India shall be maintained by ……………….
    (a)    the Government
    (b)    the authority specified by the Government
    (c)    the assessee who is claiming refund
    (d)    (a) or (b)
    Ans. (d) (a) or (b)

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.