Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 146

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 146
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expenses of $ 5.85 million which includes legal and advisory fees related to the deSPAC transaction. Excluding professional fees paid
in both periods, overall G&A expense decreased by $1.30 million during the year ended March 31, 2024 versus the year ended March 31,
2023 primarily due to the reduction of employee benefit expenses for support and executive functions to $5.50 million for the year ended
March 31, 2024 versus costs of $6.72 million during the year ended March 31, 2023, a reduction of $1.22 million year over year (Primarily
the Employee benefit expense reduced due to lower charge of $1.07 million on account of ESOP issuance during the year ended March 31,
2023). Amortization and depreciation charges decreased by $0.23 million for the year ended March 31, 2024 due to the end of the depreciable
lives of certain furniture and fixtures. These reductions were partially offset by an increase in rental costs of $0.24 million during
the year ended March 31, 2024 as compared to the year ended March 31, 2023 due to one-time non-operating parking charges for owned cars
which were being run under the erstwhile inventory heavy self-drive rental business and now being disposed of gradually, once disposed
these charges will not be incurred.

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Impairment of balances with government authorities

|                                                    |     | For the Years Ended March 31, |           |     |      |   |     |        |           |     |        |     |   |
|                                                    |     |                          2024 |           |     | 2023 |   |     | Change |           |     | %      
 Change |     |   |
| Impairment of balances with government authorities |     |                               | 3,875,767 |     |      | - |     |        | 3,875,767 |     |        | 100 | % |

The impairment of balances
with government authorities were $3.88 million during the year ended March 31, 2024, as compared to Nil during the year ended March 32,
2023. This impairment is a one-time charge due to non-utilization of Goods and Service Tax (GST) input accumulated over the past few years.

Finance Costs

|                                  |     | For the Years Ended March 31