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of <h1>GST Exemption for ADB and IFC: Circular Confirms No Tax on Operations Under ADB Act 1966 & IFC Act 1958.</h1> The circular clarifies the applicability of GST on the Asian Development Bank (ADB) and the International Finance Corporation (IFC). Both entities are exempt from all taxation, including GST, under their respective acts-ADB Act, 1966, and IFC Act, 1958. This exemption covers their assets, properties, income, operations, and transactions. The circular emphasizes that this exemption applies solely to ADB and IFC and not to any entities appointed by or working on their behalf. It references a CESTAT Mumbai order supporting this exemption and invites any implementation difficulties to be reported to the Maharashtra State Tax Commissioner.
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