Section 114, The Goods and Services Tax Act, 2009

(1) The tax, interest and penalties collected under this Act shall be paid into the Consolidated Fund. (2) Notwithstanding subsection (1), 5% of the total GST revenue collected shall be paid into a separate GST refund account out of which refund due under this Act, proven overpayment of tax, payment made by non-taxable persons and payments made on nontaxable supplies, can be refunded. (3) The Commissioner-General shall carry out quarterly reconciliations and an annual reconciliation of the GST refund account. (4) The Commissioner-General shall, by the end of the first quarter of every financial year, transfer into the Consolidated Fund three -quarters of the balance, if any, standing in the GST refund account on the last day of the preceding financial year. (5) If the Commissioner-General anticipates that a greater or lesser percentage of GST collection is needed for GST refunds, he may request the Minister to amend by statutory instrument the percentage of revenue to be retained in the refund account.