Company: ZCARW
Filing Date: 2025-05-12
Form Type: S-1/A
Source: 0001213900-25-041769
Chunk: 348

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-12
Form: S-1/A
Chunk 348
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| 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. |

F-80 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8 (a) Short term investments

The components of short term investments were as follows:

(In USD)

| As at                  |     | March 
 31,   
 2024  |         |     | March 
 31,   
 2023  |   |
|:-----------------------|:----|:------|--------:|:----|:------|:--|
| Certificate            
 of deposits*           |     | $     | 298,495 |     | $     | - |
| Short term investments |     |       | 298,495 |     |       | - |

| * | In April 2024, Lease Plan India Private Limited invoked the                                                                                   
 bank guarantee provided as bank guarantee during the restructuring process, resulting in the adjustment of a certificate of deposit amounting 
 to $127,609. However, as of March 31, 2024, the event has considered probable and thus, certificate of deposits has been adjusted against     
 the outstanding liability of Lease Plan India Private Limited as of balance sheet date (Refer Note 12).                                       |

Further, certificate of deposits amount