Services provided by Cord blood banks - Service Tax Practice Manual / Ready Reckoner - Service Tax

Chapter 2A Services provided by Cord blood banks <!--[if !supportLineBreakNewLine]--> (w.,e.f. 17.2.2014) Scope of Exempt Service - Notification no. 25/2012 dated 20.06.2012 From 17.2.2014 : (Inserted vide:- Notification no.4/2014-ST, dated 17-2-2014 ) 2A. Services provided by cord blood banks by way of preservation of stem cells or any other service in relation to such preservation . Amending Notes:- 1.4 Services provided by cord blood banks: Health Ministry had recommended that services provided by the cord blood banks should be treated as health care services and should be exempted. By inserting entry sl.no.2A in the exemption notification No. 25/2012-ST, which reads as 2A. Services provided by cord blood banks by way of preservation of stem cells or any other service in relation to such preservation , an exemption has been extended. This would cover services provided by cord blood banks, such as collection of umbilical cord blood, processing the same for segregation of stem cells, testing and cryo-preservation of stem cells. - See Union Budget 2014(Interim): changes in Service Tax A Cord blood bank is an entity where cord blood is collected just after birth and stored it for future use. Cord blood is collected because it contains stem cells, which is useful for treatment of hematopoietic and genetic disorders. Preservations of stem cells are critical for both research and clinical application. By this exemption, these services provided by such entities have exempted.