New Delhi, the 1st March, 2007
10 Phalguna, 1928 (Saka)
Notification
No. 10/2007-Service Tax
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section
93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being
satisfied that it is necessary in the public interest so to do, hereby exempts
taxable services provided by 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 from the whole of the service tax leviable thereon under
section 66 of the said Finance Act subject to the condition following
conditions, namely:-
- The exemption contained in this notification shall apply subject to the
following conditions, namely:-
- the entrepreneur enters into an agreement with the TBI or the STEP as an
incubatee, to enable himself to develop and produce hi-tech and innovative
products; and
- the total business turnover of such entrepreneur does not exceed fifty lakh
rupees during the current or previous financial year;
Provided that the exemption contained in this notification shall apply for a
period of three years from the date on which such entrepreneur enters into an
agreement with the TBI or the STEP.
Explanation:- The exemption for taxable services under this notification shall
not be available for any taxable services provided or to be provided immediately
after the total business turnover of the entrepreneur exceeds fifty lakh rupees
during a given financial year.
- This notification shall come into force on the 1st day of April 2007.
[F. No. 334/1/2007-TRU]
(R. Sriram)
Deputy Secretary to the Government of India