The Software Technology Park (STP) in India was introduced as a 100% export-oriented scheme in order to facilitate software export, both by means of data communication links and other physical methods such as export of professional services.
The following are the benefits offered by the STP to an entrepreneur. All services/activities that are mentioned in the appendix 54 of the Handbook of Procedures (EXIM) can avail these benefits.
The following are the statutory procedures to be followed by the STP units in India.
Each STP unit has to maintain separate account and annual balance sheet for its operations. Individuals units will have separate balance sheets as part of the main balance sheet. The following procedures have to be followed in order to maintain separate accounts for different units.
The following procedures are involved in maintaining a banking account for an STP unit.