Nikunj Anand
Our STPI consultants offering STPI consultancy services inlculding
STPI Scheme
We have excellent expertise team of Chartered accountants in STPI registration services. The 100% Export Oriented Unit scheme (STP scheme) is made for setting up of software development and IT Enabled Services (ITES) firm in India for 100% Export. A distinctive feature of this STP/EHTP scheme is that it provides single point contact services for member units, which enables them to conduct exports operations at a pace commensurate with global standards. The Directors of STPI administers this scheme.
Scheme Benefits & Highlights
1. Income tax holiday as per section 10A of the IT Act.
2. Customs duty exemption on imports of capital equipments and the equipments can also be imported on loan or lease basis.
3. All relevant equipments/goods, including second hand equipment, can be imported (except the prohibited items).
4. Full 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 or other services.
7. Full Foreign Direct Investment (FDI) 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. Complete 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 Compilance for STP Units.
Statutory Reports for STP Units
a) Monthly Progress Reports (MPR) & Quarterly Progress Reports (QPR): All units are required to submit Monthly Progress Reports & Quarterly Progress Reports by the 7th of a month on completion of previous month and by the 10th of a month on completion of previous quarter respectively, in the prescibed format . It is a mandatory requirement and units which are irregular in submitting MPRs & QPRs can be denied services of STPI.
b) Annual Performance Reports(APR): Annual performance report should be submitted as per the prescribed format.
Statutory compliance for STP units
Accounts
Distinct Identity: If any industrial enterprise is operating simultaneously as a domestic unit as well as an EHTP/STP unit, it shall have two distinct identities with two separate accounts, including separate bank accounts. However it is 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::
a) Maintenance of Sales Invoices.
b) Maintenances of Fixed Asset Registers.
c) Maintenance of Foreign Inward Remittance Certificate file (FIRC) & Bank Realization Certificate (BRC) file in which the original of the FIRCs and BRCs are kept.
d) Maintenance of contract file, where the copies of contracts received from buyers are maintained.
Banking
The units may have as many bank accounts as it wishes to but shall have to designate a single branch of the bank with whom all export documents will be submitted. In brief, the work of handling of all shipping documents & realization of export proceeds will have to be entrusted to this bank branch that has been designated.