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of <h1>Services by ADB and IFC Exempt from GST Under ADB Act 1966 and IFC Act 1958.</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 provisions of the ADB Act, 1966, and the IFC Act, 1958. These acts grant immunity from taxation, customs duties, and the obligation to collect or pay any tax. The exemption applies solely to services provided directly by ADB and IFC, not to any third-party entities working on their behalf. This clarification follows legal precedents and aligns with existing international agreements, ensuring compliance without the need for additional exemptions.
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