Chapter 27

Services provided by an incubatee

 

Effective date:

(1st July, 2012)

Scope of Exempt Service –

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

 

(See Notification no. 25/2012 dated 20.06.2012, effective from 01.07.2012)