Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 382

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 382
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     |   | 255,175 |

The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. As at March 31, 2024 and March 31, 2023, allowance amounting to $13,774 and Nil was created for expected credit losses respectively.

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F-77

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| 7 | Balances with government 
 authorities              |

The components of balances with government authorities were as follows:

| (In USD)                           | 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