TMI BlogClarification on Applicability 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 ..... THAN, I.A.S., COMMISSIONER OF STATE TAX Dated: 23.04.2019 Circular No. 54/2019-TNGST (RC No.26/2019/A1/Taxation) Sub: Clarification on Applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC) - reg. Representations have been received seeking clarification regarding applicability of GST on Asi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 (a) of the Sc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. This pari materia circular is issued with reference to the circular issued by the Government of India on the recommendation of the GST Council in the reference cited. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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