29 May 2012
I am preparing software accoding to the requirements of clients at abroad. I am sending the same it via e mail and get the sale proceeds in usd.
What r the legal complinace which i needs to do for the above mentioned transaction
29 May 2012
Statutory Complaince for STP Units **********************************
Important statutory compliance for STP units are listed below as reference
Accounts : ********
Each of such unit is required to maintain separate accounts for its operations. Separate annual balance sheet will have to be made for each such unit which would be become a part of the main balance sheet of the company. For maintaining separate accounts the following will have to be done: Maintenance of Separate Cash & Bank book and corresponding vouchers. Maintenance of sales invoices. Maintenance of Fixed Assets register. Maintenance of Foreign Inward Remittance Certificate file (FIRC's) & Bank Realisation Certificate file where the original of the FIRC's and BRCs are kept. Maintenance of contract file, where copies of contracts received from buyers are maintained. Preparation of yearly balance sheet for the unit which would ultimately become a part of the balance sheet of the company.
Banking : *******
Each unit is required to maintain separate bank accounts for its operations. The units is free to have as many bank accounts as it desires but shall have to designate a single branch of bank whom all export documents will be submitted. In other words the work of handling of all shipping documents and realisation of export proceeds will have to be entrusted to this designated bank branch.
bonding and debonding *********************:- Bonding is done through a document B-17 Bond which is an agreement of the STPI unit with the Development Commissioner of the STPI. This documents binds the unit for importing duty free procurement against export. Debonding of a unit is to releive itself from this liability and pay applicable duty (if required)
The compliances are related to service tax,VAT,Customs and Direct tax and with STPI authorites.