Software Technology Park of India – STPI is is a society established in 1991 by the Indian Ministry of Electronics and Information Technology with the objective of encouraging, promoting and boosting the export of software from India.
There are typically two types of units under STPI – STPI and Non-STPI. STPI is a unit which is registered as software export unit and the premises of which is also bonded with Customs department. Non-STPI unit are only registered with STPI authority which enables the unit to submit the SOFTEX, Quarterly Performance report and Annual Performance report.
Apart from STPI, Reserve Bank of India (RBI) is also involved in monitoring the export import transactions. Therefore RBI vide circular RBI/2013-14/254 A.P. (DIR Series) Circular No.43 dated 13.09.2013 mandated to submit the SOFTEX for export of software even the value is below USD 25,000.
Therefore it is mandate for each unit which is engaged in export of software to obtain at least registration as Non-STPI unit and submit the necessary SOFTEX, Annual Performance Report and Quarterly Performance Report with STPI.
As per the regulations of RBI it is required by every unit engaged in export of software to submit SOFTEX with STPI. The due date of submission of SOFTEX is within 30 days from the date of issue of export invoice.
Submission of SOFTEX is also important in order to comply with regulations of Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC) issued by RBI. The certified copy of SOFTEX required to be submitted with Authorised Dealer Bank so as to enable them to issue the eBRC.
We assist in preparing the necessary application along with supporting documents to obtain STPI or Non-STPI registration accordingly.
Once the export invoice is issued the SOFTEX code is generated from RBI website. This code is required for preparing the SOFTEX form. Once the SOFTEX form is prepared it is submitted with STPI department along with necessary supporting documents.
STPI has made available an online portal for submission of APR and QPR respectively. QPR is submitted on quarterly basis and APR is submitted annually. APR is submitted twice, un-audited and audited. The details need to be submitted online and then the online submitted copy needs to be printed and submitted with STPI department.
What is SOFTEX?
SOFTEX is a declaration form that has to be filed for export of software.
What is time limit within which SOFTEX needs to be filed?
Within 30 days from the date of export invoice
Whether separate SOFTEX is required for each invoice?
Yes, but one can also file bulk softex for multiple invoices.
Whether filing with STPI is physical or online?
SOFTEX has to be filed physically with STPI office.
Whether APR and QPR is mandatory for Non-STPI unit
Yes, APR and QPR is mandatory for Non-STPI unit.
We identify your standard recurring expenses and forecast and budget for it in your expense projection.
While making relevant provisions for it on an annual / monthly basis, we also help you design and frame policies that seek to improve efficiencies within your business unit.
We set in motion a proactive follow-and-update process on accruing regulatory changes that saves you the ordeal of chasing us.
Our deep insight enables us to visualise issues or challenges and give you sufficient buffer time to act on it.
Along with our accounting services we also closely co-ordinate with several agencies such as bankers, auditors, insurers, lawyers, directors etc.
How the income tax department is tracking your income!May 9, 2021 - 6:12 pm
Amount paid for use of software is not ‘Royalty’.April 11, 2021 - 4:44 am
Your right to privacy is their highest selling productApril 7, 2021 - 6:52 pm
Accountability – How Governments make and break pinky promises, while you pay interest and penalties!March 6, 2021 - 11:39 am