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Applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC).
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....ADB) and International Finance Corporation (IFC) - reg. No. CT/GST-15/2017/288.- Certain representations have been received seeking clarification as regards applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC). 2. The matter has been examined. ADB Act, 1966 provides that notwithstanding anything to the contrary contained in any other law, the Bank, its....
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.... 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 Schedule thereto refers]. 3. CESTAT Mumbai vide final order dated 17-10-2016 in the case of M/s. Coastal Gujarat Power Ltd. = 2016 (12) TMI 229 - CESTAT MUMBAI has held that when the enactments that honour international agreements specifi....