TMI BlogEXEMPTION TO SERVICES BY TBI OR STEPX X X X Extracts X X X X X X X X Extracts X X X X ..... EXEMPTION TO SERVICES BY TBI OR STEP - By: - Dr. Sanjiv Agarwal - Service Tax - Dated:- 21-11-2012 - - Taxable services provided by a Technology Business Incubator (TBI) or a 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. (Refer No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tification No. 32/2012-ST dated 20.6.2012 ). Formats to be used For claiming this exemption, following formats have to be used a) Fomat I Information to be furnished by TBI or the STEP b) Format II Information to be obtained by TBI / STEP from each incubatee and to be filed along with formate - I Points for Compliance (1) TBI/STEP is required to obtain the required informati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on from each incubator in the prescribed format II. (2) If there are more than one incubates, declaration from all should be obtained and filed along with format I. (3) It is essential to have an agreement between incubators and incubatees. The date of such agreement is required to be mentioned in format II by incubator. (4) The declaration is for a financial year and incubatee should disclo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se total business turnover. (5) Format I and II should contain details of various taxable services rendered with value. (6) Format II is to be signed by incubatee only whereas format I is to be signed by TBI/STEP. (7) Format II is not required to be filed by incubator but submitted to the TBI/STEP. It is the obligation of TBI/STEP to enclose the same with Format I while submitting to the Dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artment. (8) Format I should be signed by TBI/STEP and submitted to the Assistant/Deputy Commissioner of Central Excise before availing the exemption. (9) Such declaration is required to be filed for each financial year by 30th June of each financial year. (10) In case of exemption being availed for first time (as will happen in 2007-2008), date from which benefit is to be availed must be me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntioned. (11) TBI/STEP should also provide details of taxable service rendered with value thereof to incubatees and non-incubatees. (12) Receipt of format I shall be duly acknowledge by the Department. = = = = = = = = - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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