Services provided by an incubatee - Service Tax Practice Manual / Ready Reckoner - Service Tax

Chapter 27 Services provided by an incubatee (w.e.f. 1st July, 2012) Scope of Exempt Service - Notification no. 25/2012 dated 20.06.2012 27. Services provided by an incubatee up to a total turnover of fifty lakh rupees in a financial year subject to the following conditions, namely:- ( a ) the total turnover had not exceeded fifty lakh rupees during the preceding financial year; and ( b ) a period of three years has not been elapsed from the date of entering into an agreement as an incubate Meanings and Definitions: incubatee means an entrepreneur located within the premises of a Technology Business Incubator (TBI) or Science and Technology Entrepreneurship Park (STEP) recognised 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 the STEP to enable himself to develop and produce hi-tech and innovative products Further see Notification no. 32/2012 ST dated 20-6-2016 wherein, Services provided by Biotechnology Industry Research Assistance Council (BIRAC) approved biotechnology incubators to the incubatees have been exempted from service tax.