No GST on Services by Security Manager located outside India for Subscription to Secured Notes placed in USA

In re Adani Green Energy Ltd (GST AAR Gujarat) M/s. Adani Green Energy Ltd. (‘AGEL’) submitted that it requires substantial working capital to undertake its supplies and for this purpose it has raised USD 750 million by issuing Senior Secured Notes (Notes) carrying interest coupon of 4.375% due for redemption in 2024 in terms of Subscription Agreement dated 1st September 2021 entered into with Axis Bank Limited, Singapore and others for acting as Managers. All the Managers do not have any establishment in India and have been incorporated outside India and undertake business from th...