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of <h1>India exempts TBIs, STEPs, and bio-incubators from service tax; annual submission required by June 30.</h1> The Government of India has issued Notification No. 32/2012, dated June 20, 2012, exempting services provided by Technology Business Incubators (TBI) and Science and Technology Entrepreneurship Parks (STEP), recognized by the National Science and Technology Entrepreneurship Development Board, from service tax under the Finance Act, 1994. This exemption also applies to bio-incubators recognized by the Biotechnology Industry Research Assistance Council. To avail the exemption, these entities must submit specific information to the relevant tax authorities before June 30 each year. The notification takes effect on July 1, 2012.
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