Custom bonding

without any fee :CA CLUB INDIA" IS SUFFICE FOR YOU.

WHAT IS QUERY??/

PLEASE NOTED THAT:

custom bonding of the STP unit is mandatory.

The Software Technology Park (STP) scheme is for providing facilities to IT industry for undertaking software development and IT enabled services for 100% exports using data communication links in the form of physical exports including export of professional services. Individual units can also be allowed to do business in the domestic (Indian) market up to 50% of the exports. STP units can also undertake commercial training. STP units also regulate the IT business through licensing, acting as a link between the customer and Government authorities and agencies. Under the scheme, IT industries are provided certain concession in duties, levies and taxes.

PLS NOTED:

STP units can avail of following advantages under STP scheme :

• Custom duty exemption

• Excise duty exemption

• Central Sales Tax reimbursement

• Corporate tax exemption on 90% export turnover as per Section 10A of Income Tax Act.

• Sales in Domestic Tariff Area (DTA) upto 50% of the FOB value of exports permissible.

The obligations on units under the STP Scheme:

• The Development/production shall be carried on in customs bonded area.

• Regular renewal of customs bonding licence.

• Commencement of operations within the gestation period.

• Intimation to STPI about the commencement of operations.

• Fulfillment of obligations as per the Foriegn Trade Policy.

• Realisation of amounts due in stipulated period.

• For external borrowings,obtain permissions from Ministry of Finance.

• Maintain separate accounts for the operations of STP unit.

• Maintain prescribed records and documents.

• Obtain Export certification.

• Submit Monthly,Quarterly and Annual reports.

• Payment of duties on debonding of STP unit.

  FOR MORE INFORMATION LINK IS:

  https://www.chennaicustoms.gov.in/html/ware.htm