TaxTMI 
TaxTMI 
TaxTMI 
๐ฆ๐ผ, ๐๐ต๐ฎ๐โ๐ ๐๐ต๐ฒ ๐ฑ๐ฒ๐ฎ๐น ๐๐ถ๐๐ต ๐ฆ๐ผ๐ณ๐๐ฒ๐
๐๐ผ๐ฟ๐บ๐?
Theyโre mandatory for ๐๐๐ ๐ฒ๐
๐ฝ๐ผ๐ฟ๐๐ฒ๐ฟ๐ of IT and IT-enabled services. That includes:
๐ข Big companies
๐ Small businesses
๐จโ๐ป Even proprietorships
๐ช๐ต๐ ๐ฑ๐ผ๐ฒ๐ ๐๐ต๐ถ๐ ๐บ๐ฎ๐๐๐ฒ๐ฟ? Staying compliant gets you:
โ Proof of your IT or ITES exports โ
โ Smooth access to Bank Realisation Certificates (BRCs) ๐ฆ
โ Faster GST refunds ๐ธ
๐๐ป๐ฑ ๐ถ๐ณ ๐๐ผ๐ ๐ฑ๐ผ๐ปโ๐?
โ Penalties under FEMA
โ Endless waits for GST refunds
๐๐ฒ๐ฟ๐ฒโ๐ ๐๐ต๐ฎ๐ ๐๐ผ๐ ๐ป๐ฒ๐ฒ๐ฑ ๐๐ผ ๐ฑ๐ผ:
1๏ธโฃ Register with STPI as a non-STP unit (if you arenโt already).
2๏ธโฃ File these reports regularly:
๐ Softex Forms
๐ Monthly Performance Report (MPR)
๐ Service Export Reporting Form (SERF)
๐
Annual Performance Report (APR)
Compliance might not be as thrilling as your favorite Netflix binge ๐ฌ, but itโs the unsung hero keeping your business drama-free.
Exporting IT or IT-enabled services you cannot ignore ๐ฆ๐ข๐๐ง๐๐ซ ๐๐ข๐ ๐ฃ๐๐๐๐ก๐๐?
Pradeep Reddy
Ensure Compliance for IT Export Services: Register with STPI, File Required Reports, Avoid FEMA Penalties, and Expedite GST Refunds. Exporting IT or IT-enabled services requires compliance with specific regulations, applicable to all sizes of businesses, including proprietorships. Key compliance steps include registering with the Software Technology Parks of India (STPI) as a non-STP unit and regularly filing reports such as Softex Forms, Monthly Performance Reports, Service Export Reporting Forms, and Annual Performance Reports. Compliance ensures benefits like proof of exports, access to Bank Realisation Certificates, and faster GST refunds, while non-compliance can result in penalties under FEMA and delays in GST refunds. (AI Summary)