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STPI Consultancy

STPI (Software Technology Parks of India) Scheme

The 100% Export Oriented Unit scheme (STP scheme) is for setting up of software development and IT enabled services firm in India for 100% Export. A distinctive feature of the STP/EHTP scheme is it provides single point contact services for member units, enabling them to conduct exports operations at a pace commensurate with global standards. The STP scheme is administered by the Directors of STPI.

STPI scheme benefits and highlights

  1. Income tax holiday as per section 10A of the IT Act.
  2. Customs duty exemption on imports of capital equipments. Equipment can also be imported on loan or lease basis.
  3. All relevant equipment/goods including second hand equipment can be imported (except prohibited items).
  4. 100% excise duty exemption on indigenous items procurement.
  5. Central Sales Tax reimbursement on indigenous items procurement.
  6. Green card enabling priority treatment for government clearances / other services.
  7. 100% Foreign Direct Investment permissible through 'Automatic Route' of RBI.
  8. Sales in the DTA (Domestic Tariff Area) up to 50% of the foreign exchange earned by the STP/EHTP unit.
  9. 100% Depreciation on capital goods over a period of five years.
  10. Software units may also use the computer system for training purpose (including commercial training).

Periodic Compliance Services

  1. Statutory Reports for STP Units
  2. Statutory Compliance for STP Units

Statutory Reports for STP Units

  1. Monthly Progress Reports (MPR) & Quarterly Progress Reports (QPR): All units are required to submit Monthly Progress Reports & Quarterly Progress Reports by 7th of a month on completion of previous month and by 10th of a month on completion of previous quarter respectively in the prescribed format . It is a mandatory requirement and units which are irregular in submitting MPRs & QPRs can be denied services of STPI.
  2. Annual Performance Reports (APR): Yearly performance report should be submitted as per the prescribed format.

Statutory compliance for STP units

Accounts

Distinct Identity: If an industrial enterprise is operating both as a domestic unit as well as an EHTP/STP unit, it shall have two distinct identities with separate accounts, including separate bank accounts. It is, however, not necessary for it to be a separate legal entity, but it should be possible to distinguish the imports and exports or supplies affected by the EHTP/STP units from those made by the other units of the enterprise.

Maintain the accounts as under:

  1. Maintenance of Sales Invoices.
  2. Maintenances of Fixed Asset Registers.
  3. Maintenance of Foreign Inward Remittance Certificate file (FIRC) & Bank Realization Certificate (BRC) file where the original of the FIRCs and BRCs are kept.
  4. Maintenance of contract file, where copies of contracts received from buyers are maintained.

Banking

The units are free to have as many bank accounts as it desires but shall have to designate a single branch of the bank with which all export documents will be submitted. In other words the work of handling of all shipping documents & realization of export proceeds will have to be entrusted to this designated bank branch.

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