GST Exemption for Incubatees on Turnover Up to 50 Lakh; Conditions Apply Under Specific Sections

Services provided by an incubatee are exempt from GST, including CGST, UTGST, SGST, and IGST, up to a total turnover of fifty lakh rupees in a financial year. This exemption applies if the incubatee's turnover did not exceed fifty lakh rupees in the previous financial year and if less than three years have passed since entering into an agreement as an incubatee. An "incubatee" is defined as an entrepreneur located within a recognized Technology Business Incubator or Science and Technology Entrepreneurship Park, as approved by the National Science and Technology Entrepreneurship Development Board, to develop and produce hi-tech and innovative products.