As per Notification No. 9/2007 - ST dated 1.3.2007 by the Department of Revenue, Ministry of Finance, Government of India all taxable services provided by entrepreneur are exempt from the levy of Services Tex subject to the following conditions:
- The venture of the entreprenuer must be located within the premises of the recognised STEP or TBI.
- The entrepreneur has entered into an agreement with the STEP or the TBI as an Incubatee to enable himself to develop and produce hi-tech and innovative product.
- The total business turnover of such entrepreneurs does not exceed Fifty Lakh Rupees during the previous financial year.
The entrepreneur can avail of the exemption for a period of THREE years from the date he/she enters into an agreement with the STEP/TBI.