Registration of units under STP scheme
Monthly softex forms ( to be filed within 30 days from the date of last invoice raised in that month)
Exit from STP scheme
With the advent of globalization, several sectors have witnessed a drastic change in the last few years. Among all these sectors IT (Information Technology) sector is one good example, which has earned lot of lucrative benefits due to its sudden industrial growth. All across the globe companies are persistently demanding more and more computer professional services and computer software to run their program, but forwarding and exporting of computer software is not an easy task. For exporting the computer software from India or any other export of IT related service, we need to take approval from a government agency known as STPI (Software technology parks of India ) .
STPI agency was established in1991 by the Ministry of Communication and Information Technology. Under this agency government employee runs a software technology park scheme, which is an export oriented scheme for the development of computer software and the professional services. Thousands of business enterprises are registered under STPI , due to which the export in IT/ITES Industry has increased manifolds.
In general exports refers to sending ‘goods and service’ to clients in foreign country that is outside territorial borders of India for reason of sale. Physical goods are exported by means of a physical port of shipping i.e. a sea port, airport or foreign post office and is monitored by Central Customs department.
When physical goods depart from India, the exporter is required to declare the value of goods exported. In India, this declaration by exporters is done in the GR Form or PP form together with invoice and other supporting documents. Of late, as part of simplification of process, the GR and PP form have been substituted by a form called ‘EDF’ (export declaration form) and SDF has been merged with the shipping bill. Further, the value of the goods exported must be accepted andcertified by the customs office, at the port of shipment. This is referred to as “valuation of export”. One time the valuation of export is finished, the value is accepted both by RBI and its authorized dealer i.e. the exporter’s bank). RBI then monitors, the payment of an equivalent value in exporter’s bank account. ‘Software’ exported on a media i.e. CD or DVD or magnetic on physical form are covered by the above two forms.
In case of any other type of software export, SOFTEX form must be filed by the exporter after the actual export of software has taken place. Hence, SOFTEX form is a post-facto authorization.
The following parties are required to file SOFTEX form.
Exporters registered under STP and SEZ must file SOFTEX form to value the software exports done by exporter.
Some exporters of Software i.e. both IT and ITeS companies that are not registered in STP or SEZ or other EOU schemes scheme must also file SOFTEX, according to foreign trade policy. Such exporters are commonly called non-STP units and can file the SOFTEX form with the concerned jurisdictional STPI Director. Exports of services that do not fall under IT and ITeS category are not liable to file the export declarations or the SOFTEX form.
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Shyam Goel is the founder partner of the company and serving the profession since 1990. He carries vast experience in the field of Accountancy, Audit, and Corporate Law Matters. His strengths include excellent drafting, communication and management skills. He is the guiding force with 25 years in professional field.
Gopal Bansal is currently leading the Managing partner of the comapny. He is serving the profession since 1994 and has a good exposure in Indirect Tax,Direct Tax, Accounting, Assessment Proceedings apart from his acumen across the areas of Management & Operational Audits and Management Consultancy services.
Sanyam Goel has rich experience of Cross Border Transactions for various clients of the firm including International Taxation,IFRS and US GAAP. He is associated with the company for more than 6 years and has developed strong knowledge over the years. He has worked at senior positions in Ernst & Young.
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Vinay is a qualified Chartered Accountant and manages the Taxation service at accorptaxpro. He’s adept at transaction structuring with respect to Direct and Indirect taxation matters. He ensures that he is always updated on the amendments in the ever evolving taxation environment. When not at work, Vinay enjoys playing cricket and binging on street food.
He is currently leading the Inbound Investment Services wing of the compay. He has good exposure in Direct Taxation, Statutory & Internal Audits. He has a focused approach towards work & to this he has lead marketing, manufacturing and overall management assignments.His provides the clients an important opportunity to streamline and improve all aspects of reporting & understanding.
Govind Gupta leads the Indirect Tax team of the company. Serving the profession since 2002, he has vast experience in Sales Tax matters, Service Tax Compliances as well as new tax compliances under GST regime. Apart from Indirect Tax, he is well-equipped in providing Management Consultancy & other attestation services, including internal audit and due diligence.
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