Section 54
of Goods and Services Tax Act 2014
Section 54
A fund to be known as the Fund for Goods and
Services Tax Refund (in this section referred to as “the Fund”) is established which shall be specified in and incorporated into the
Second Schedule to the Financial Procedure Act 1957 [Act 61].
(2)
There shall be paid into the Fund the amount of tax collected under this Act as may be authorized by the Minister.
(3)
The moneys of the Fund shall be applied for the making of any refund under section 38 and Part VII.
(4)
The Fund shall be administered by the Accountant General of Malaysia.
(5)
Notwithstanding subsection (2) and the provisions of the
Financial Procedure Act 1957, the Minister may authorize the payment into the Consolidated Revenue Account in the Federal
Consolidated Fund of all or part of the moneys of the Fund.
Non-applicability of section 14a of the Financial Procedure
Act 1957