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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Services by ADB and IFC Exempt from GST Under ADB Act 1966 and IFC Act 1958, Effective January 2019.</h1> The circular clarifies that services provided by the Asian Development Bank (ADB) and the International Finance Corporation (IFC) are exempt from Goods and Services Tax (GST) under the ADB Act, 1966, and the IFC Act, 1958. These Acts grant immunity to ADB and IFC from all forms of taxation, including customs duties, and absolve them from any obligation to collect or pay taxes. The exemption applies solely to services directly provided by ADB and IFC, not to entities working on their behalf. The circular is effective from January 1, 2019, and addresses any implementation difficulties through the Commissioner's office.
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