Service tax exempted project

No, since the said service is exempt(either by vitrue of exemption notification or mentioned under negative list). And question of service tax under reverse charge shall arise only if the said service is taxable. 

Lets take an example for the following:

Entry no. 14 of mega exemption(25/2012-ST) states that original works pertaining to airport is exempt. Hence, if such works contract service is provided by a non-body corporate person to a corporate. Then, no reverse charge shall apply.

However, if for the said works contract service, the person(body corporate) receives supply of manpower service from non-body corporate. Then it shall not be exempt, the same shall fall under reverse charge as well.

What is the meaning of Operational Assets and how to calculate Operational Assets pls clarify