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August 2012

Exemption of Services provided by TBI/ STEP — Notification No. 32/2012-ST, dated 20-6-2012.

By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Chartered Accountants
Reading Time 1 mins
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Services provided by 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, were exempted from whole of service tax vide Notification No. 9/2007-ST w.e.f. 1-4-2007.

Further the services provided by an entrepreneur located within the premises of so recognised TBI/ STEP were also exempted vide Notification No. 10/2007-ST. In the new service tax regime, the benefits of exemption given to entrepreneurs under Notification No. 10/2007-ST is totally rescinded but TBI/STEP are provided with similar benefits as they were enjoying before, vide this Notification No. 32/2012-ST. The new Notification also contains revised formats for information to be furnished in this regard.

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