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Exemption from ST on Service provided by Asian Development Bank (ADB) and International Finance Corporation (IFC)

The Government of India vide its Circular No. 211/1/2019-Service Tax dated January 15, 2019 states that with reference to Circular No 83/02/2019-GST dated 01.01.2019 clarified that the services provided by International Finance Corporation (IFC) and Asian Development Bank (ADB) are exempt from GST in terms of provisions of IFC Act, 1958 and ADB Act. Further it was also clarified that the exemption will only be available when services are provided by ADB and IFC and not to any entity appointed by or working on behalf of ADB or IFC. However the same clarification also applies to Service tax also.

 

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