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of <h1>Central Government Exempts Service Tax on IP Services; Tied to R&D Cess Payment Conditions Under Finance Act 1994</h1> The notification, issued by the Central Government under the Finance Act, 1994, exempts the service tax on intellectual property services provided by holders of intellectual property rights. This exemption is equivalent to the amount of cess payable on technology transfers under the Research and Development Cess Act, 1986. Conditions for this exemption include the payment of the Research and Development Cess within six months from the invoice date or credit entry in associated enterprises' books. Additionally, records must be maintained to link the invoice or credit entry with the Research and Development Cess payment. This notification was later rescinded in 2012.
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