Services by Asian Development Bank (ADB) and International Finance Corporation (IFC) exempt from GST

CBIC clarifies that services provided by Asian Development Bank (ADB) and International Finance Corporation (IFC) are exempt from GST in terms of provisions of ADB Act and IFC Act, 1958; Exemption will not be available to any other entity appointed by or working on behalf of ADB or IFC; Moreover clarifies that “There is no need for a separate exemption and existing laws enacted by the sovereign legislature of the Union suffice for the purpose of giving effect to Agreements�...