Services – Intangible Products
All economic activities whose output is not a physical product or construction, is generally consumed at the time it is produced, and provides added value in forms (such as convenience, amusement, timeliness, comfort or health) that are essentially intangible concerns of its first purchaser.
A valuable action or effort performed to satisfy a need or to fulfill a demand. Services are Intangible Products such as Banking, Consultancy, Education, Insurance, Expertise, Medical Treatment, Transportation etc.
Definition and Scope of Service: "Event Management" means any service provided in relation to planning, promotion, organizing or presentation of any arts, entertainment, business, sports, or any other event and includes any consultation provided in this regard [Section 65 (40)/ Chapter V of the Finance Act, 1994].