Applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC)

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....n (IFC) - Reg. Representations have been received seeking clarification regarding applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC). The matter has been examined. 2. The ADB Act, 1966 provides that notwithstanding anything to the contrary contained in any other law, the bank, its assets, properties, income and its operations and transactions shall b....

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....ment of any tax or duty (section 3(1) of the IFC Act, 1958 read with article VI, section 9(a) of the Schedule thereto refers). 3. CESTAT Mumbai vide final order dated October 17, 2016 in the case of Coastal Gujarat Power Ltd. has held that when the enactments that honour international agreements specifically immunize the operations of the service provider from taxability, a law contrary to that i....