Other exempt services (Services provided by an incubatee) [Entry 44] - GST Ready Reckoner - GST

Services provided by an incubatee Exemption Entry 44 Services provided by an incubatee up to a total turnover of fifty lakh rupees in a financial year subject to the following conditions , namely: - the total turnover had not exceeded fifty lakh rupees during the preceding financial year; and a period of three years has not elapsed from the date of entering into an agreement as an incubatee is exempt Explanation The Mega Exemption Notification of Service Tax defines an incubatee to mean an entrepreneur located within the premises of a Technology Business Incubator (TBI) or Science and Technology Entrepreneurship Park (STEP) recognized by the National Science and Technology Entrepreneurship Development Board (NSTEDB) of the Department of Science and Technology, Government of India and who has entered into an agreement with the TBI or th e STEP to enable himself to develop and produce hi-tech and innovative products Example Raman an incubatee has provided the service of developing hi-tech products; such type of service shall be exempt .