Are you exporting software services from India?

Did you hear about registration under STPI (Software Technology Park of India)? Sorry, registration for Non-STPI unit under STPI? This is crazy! Most of the Small and Medium software exporting companies are not having an idea about Non STPI registration.

And, most importantly, for all the software companies (IT and ITES), however small or big they are, Non STPI registration is mandatory! If it is not done, the company will face hurdles at some point in time.

One of the companies recently came to us for this service and they wanted this to be done on an urgent basis. They were due for merger with another company but the process was put on hold till STPI regulation was complied with!

In another case, a State run bank, refused to operate the account, till such time, SOFTEX forms were submitted.

Similarly, Import Export Code (IEC), GST registration is mandatory for all companies who export services from India. Since, Export of services is exempt from GST, many companies are of the belief that GST registration is not required to be done.

We, at Balakrishna and Co., Chartered Accountants, Bangalore, have a sound working knowledge of STPI, IEC and GST matters. We have registered hundreds of companies under Non STPI and assisted in SOFTEX compliance matters.