Yes, such amount can be invested by the Central/ State Government or the authorised persons.
(ICAI FAQ PUBLCIATIONS 06-09-2017 CONSUMER WELFARE FUNDS: FAQ NO. 34)
Can the amount of tax sanctioned as refund be credited to fund
Yes, an amount of tax under Section 54(5) or 54(6) can be credited to fund account.
(ICAI FAQ PUBLICATIONS 06-09-2017 CONSUMER WELFARE FUND: FAQ NO. 33)
Is there any consumer welfare fund under GST
Yes, this would be established by the Central/ State Government.
(ICAI FAQ PUBLICATIONS 06-09-2017 CONSUMER WELFARE FUND: FAQ NO. 32)