Refund in certain cases.

Section 55

The Government may, on the recommendations of the Council, by notification, specify any specialised agency of the United Nations Organisation or any Multilateral Financial Institution and Organisation notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), Consulate or Embassy of foreign countries and any other person or class of persons as may be specified in this behalf, who shall, subject to such conditions and restrictions as may be prescribed, be entitled to claim a refund of taxes paid on the notified supplies of goods or services or both received by them.

AI Explanation

Government Refund Policy for International Organizations

The government has the authority to identify specific international entities eligible for tax refunds based on recommendations from the Council. This process involves notifying specialized agencies of the United Nations Organization, Multilateral Financial Institutions and Organizations listed under the United Nations (Privileges and Immunities) Act of 1947, as well as Consulates or Embassies of foreign countries. Additionally, any other individuals or groups can be designated for this benefit.

Conditions and Restrictions

Those eligible for tax refunds must adhere to the conditions and restrictions set by the government. The refund applies to taxes paid on specified supplies of goods or services or both that have been received by the designated entities. This policy aims to facilitate smoother financial transactions and collaborations between the government and international organizations.