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of <h1>Service Tax Exemption for Entrepreneurs in TBIs/STEPS with Turnover Under 50 Lakh Valid for Three Years</h1> The notification exempts taxable services provided by entrepreneurs located within Technology Business Incubators (TBI) or Science and Technology Entrepreneurship Parks (STEP) recognized by the National Science and Technology Entrepreneurship Development Board (NSTEDB) from service tax. To qualify, entrepreneurs must enter agreements with TBI or STEP and have a business turnover not exceeding fifty lakh rupees in the previous financial year. This exemption is valid for three years from the agreement date. The exemption ceases if the turnover exceeds fifty lakh rupees in a financial year. The notification took effect on April 1, 2007, and was later rescinded in 2012.
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