Question ID :
41057
IEC Code
A private limited company is engaged in the software of export of services. Invoices are being raised in Foreign currencies and remittance is reflected in bank statement from outside. At present, company has neither registered in customs department (IEC Code) nor in Software Technology Parks in India (STPI). Whether company is required to take either of the registration or in STPI. Please guide.
Posted by
SAURABH GARG
on
May 28, 2021
Filed Under
Customs & Excise
Since the company is involved in export activity , so the company must take Import Export Code. In absence of it the company may not be an eligible candidate for government schemes benefits under industrial policy. Further stpi registration and returns will help in realisation of exports proceeds in case of undue delay etc. if the entity is insurance policy to safe guard the interest of foreign currency debtor then stpi return is an evidence of export of the software by the company.
Posted by
CA. JHA SHANKAR KUMAR on
May 28, 2021