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 ..... Commissioner of State Taxes and Excise, South Zone, North Zone, Central Zone, H.P. 2. The Joint Commissioner of State Taxes and Excise, Central Zone, North Zone, Flying Squad, NZ/ SZ/ CZ. 3. The Dy. Commissioner of State Taxes and Excise, Shimla, Solan, BBN Baddi, Sirmour, Bilaspur, Hamirpur, Mandi. Kullu, Chamba, Kangra, Revenue Distt Nurpur and Una, H.P 4. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty [Section 5 (1) of the ADB Act, 1966 read with Article 56 (1) of the schedule thereto refers]. DEA has already conveyed vide letter No. 1/28/2002-ADB dated 22-01-2004 addressed to ADB that taxable services provided by ADB are exempted from service tax. 2.1 Similarly, IFC Act, 1958 also provides that notwithstanding anything to the contrary contained in any other law, the Corporation, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lect and deposit any tax, there is no scope for subjecting the recipient to tax. There is no need for a separate exemption and existing laws enacted by the sovereign legislature of the Union suffice for the purpose of giving effect to Agreements. 4. Accordingly, it is clarified that the services provided by IFC and ADB are exempt from GST in terms of provisions of IFC Act, 1958 and ADB Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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