TMI BlogApplicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC)X X X X Extracts X X X X X X X X Extracts X X X X ..... ary, 2019 To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC) - reg. Representations have been received seeking clarification regarding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding anything to the contrary contained in any other law, the Corporation, its assets, properties, income and its operations and transactions authorised by the Agreement, shall be immune from all taxation and from all customs duties. The Corporation shall also be immune from liability for the collection or payment of any tax or duty [Section 3 (1) of IFC Act, 1958 read with Article VI, Section 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are exempt from GST in terms of provisions of IFC Act, 1958 and ADB Act. The exemption will be available only to the services provided by ADB and IFC and not to any entity appointed by or working on behalf of ADB or IFC. 5. Difficulty if any, in the implementation of this Circular may be brought to the notice of the Board. Yours Faithfully, (Shashikant Mehta) OSD, TRU Email: ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
