Recovered GST

According to a news report billions of rupees charged in excess to the general public with effect from June 13, 2013 by including the proposed one percent additional GST in the prices of gas and gasoline without its prior approval by the parliament are to be recovered from the petrol and gas stations in the country. It is, however, yet to be decided whether the recovered amount would be reimbursed to the general public or kept in the govt. exchequer. Till it is decided and it could take quite some time the recovered amount is ordered to be kept with the Registrar of the SC. Naturally, the Registrar would keep the amount in some bank where it could accrue huge profit. Any bank would, therefore, welcome such huge deposit and could offer competitive terms of mark up to have it.  Would, therefore, any open and transparent tenders be invited from the banks for depositing this amount? If not, would the SC then kindly ensure that no under the table deals or commissions – a curse which is unfortunately so common in such practices - are paid to anyone for depositing the funds in the bank and all accrued mark up is distributed amongst the general public as and when the matter of keeping the recovered amount with  the govt. exchequer or reimbursing  to the consumers is decided.

Col. Riaz Jafri (Retd)