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Software Technology Parks 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. It has two units i.e., Non – STP Unit and STP Unit.
There are two types of registrations under STPI.
When physical goods are exported, they pass through the Customs Office, whereas when the software is exported, it goes through media or internet (data communication links). To track the export of software, Reserve Bank of India (RBI) has mandated submission of SOFTEX forms. STPI is the administrative authority for software export valuation and certification of SOFTEX form in place of Customs.
As per RBI circular dated 13th September 2013, the exporters of the software will have to declare all the export transactions in SOFTEX, including those less than US$25,000. This means, all companies exporting software, irrespective of the value, must register as Non-STPI units and file SOFTEX forms.
STP Unit Benefits:
Registration is based on turnover. Registration is mandatory if turnover (goods) exceeds INR 40 lakhs per annum or if services turnover exceeds INR 20 lakhs per annum.
Returns – monthly returns and annual returns