| Schedule of Balances with Government Authorities |
The components of balances with government authorities were as follows:
| (In USD) | |
| | |
| |
| | |
| | |
| |
| As at | |
December 31,
2024 | | |
March 31,
2024 | |
| Current | |
| | | |
| | |
| Goods and service tax receivable | |
$ | 4,220,938 | | |
$ | 4,277,019 | |
| Less: Impairment* | |
| (3,748,841 | ) | |
| (3,849,317 | ) |
| | |
$ | 472,097 | | |
$ | 427,702 | |
| | |
| | | |
| | |
| Non-current | |
| | | |
| | |
| Other tax receivables | |
$ | 3,940 | | |
$ | 18,126 | |
| | |
$ | 3,940 | | |
$ | 18,126 | |
| * | During the year ended March 31, 2024, the Company recorded
an allowance for impairment of tax credits for an amount of $3,849,317 for estimated losses resulting from substantial doubt about the
utilization of the tax credits. As of December 31, 2024 the impairment amounts to $3,748,841. |
|
The
components of balances with government authorities were as follows:
| As at | |
March
31,
2024 | | |
March
31,
2023 | |
| Current | |
| | |
| |
| Goods
and service tax receivable | |
$ | 4,277,019 | | |
$ | 3,962,822 | |
| Less: Impairment* | |
| (3,849,317 | ) | |
| - | |
| | |
| 427,702 | | |
| 3,962,822 | |
| | |
| | | |
| | |
| Non current | |
| | | |
| | |
| Goods
and service tax receivable** | |
$ | - | | |
$ | 196,483 | |
| Other
tax receivables | |
| 18,126 | | |
| 51,838 | |
| | |
| 18,126 | | |
| 248,321 | |
| * | As of March 31, 2024, the Company recorded an allowance for impairment of tax credits for an amount of $3,849,317 for estimated losses resulting from unlikely utilization of the tax credits. This allowance for impairment of tax credits was determined by estimating future uses of tax credits against output Goods and Service Tax (“GST”). |
| ** | Although these taxes are contractually available to the Company immediately, the Company has accounted for these credits as non-current based upon their expected utilization period. |
|