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Service-tax Exemption for Incubatees

Incubatees of TREC-STEP are eligible for Service Tax Exmption. In the Union Budget Speech 2007 – 2008, the Honourable Minister for Finance Mr. P. Chidambaram announced“In order to encourage innovation, I propose to exempt from service tax all services provided by technology business incubators. Similarly, their incubatees whose annual business turnover does not exceed Rs.50 lakhs will be exempt from service tax for the first three years” Incubatees of TREC-STEP are now eligible for Service Tax Exemption for three years upto a maxium Rs.50 lakhs turnover as per the recent notification of Ministry of Finance, Government of India. For more information Please visit http://www.nstedb.com/notification.doc