Software Technology Park of India – STPI 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. Get highly qualified and experienced professionals for your STPI registration service and query resolution.
What is STPI Compliance?
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 of the SOFTEX for the export of software even if the value is below USD 25,000.
Therefore it is mandatory for each unit that is engaged in the export of software to obtain at least registration as a Non-STPI unit and submits the necessary SOFTEX, Annual Performance Report, and Quarterly Performance Report with STPI.
Why is it important for entities in India to be STPI compliant?
As per the regulations of RBI, it is required by every unit engaged in the export of software is to submit SOFTEX with STPI. The due date of submission of SOFTEX is within 30 days from the date of issue of the export invoice. Submission of SOFTEX is also important in order to comply with regulations of the Export Data Processing and Monitoring System (EDPMS) and Issuance of Electronic Bank Realisation Certificate (eBRC) issued by RBI. The certified copy of Softex is required to be submitted with the Authorised Dealer Bank so as to enable them to issue the eBRC.
How Greenvissage provides assistance
We assist in preparing the necessary application along with supporting documents to obtain STPI or Non-STPI registration accordingly.
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.
Once the export invoice is issued the SOFTEX code is generated from the RBI website. This code is required for preparing the SOFTEX form. Once the SOFTEX form is prepared it is submitted with the STPI department along with necessary supporting documents.
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Frequently Asked Questions ( FAQ)
SOFTEX is a declaration form that has to be filed for export of software.
Within 30 days from the date of export invoice
Yes, but one can also file bulk softex for multiple invoices.
SOFTEX has to be filed physically with STPI office.
Yes, APR and QPR is mandatory for Non-STPI unit.
If you have not paid your return within the due date, you are supposed to pay the penalty of Rs. 5000 along with the interest on tax due.