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March 2012

A.P. (DIR Series) Circular No. 80, dated 15-2-2012 — Export of goods and services — Simplification and revision of Softex procedure.

By Gaurang Gandhi, Chartered Accountant
Reading Time 2 mins
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This Circular has revised the procedure for submission of SOFTEX Forms for software exporters having annual turnover of Rs.1,000 crore or who file at least 600 SOFTEX forms annually. The new form and revised procedure for submitting the same are annexed to this Circular.

As per the revised procedure, the eligible software exporter has to

(1) File a statement in Excel format giving all particulars along with quadruplicate set of SOFTEX form to the nearest STPI.

(2) STPI will then verify the details and decide on a percentage sample check of the documents in details.

(3) Software companies will have to submit all the documents on demand to STPI within 30 days of their advice or any reasonable/ extended time.

(4) STPI will certify the statement and SOFTEX forms in bulk on the ‘Top Sheet’ regarding the values, etc.

(5) STPI will forward the first copy of the revised SOFTEX format to the concerned Regional Office of RBI, the “duplicate copy along with bulk statement in Excel format to Authorised Dealers for negotiation/collection/settlement. The third copy to the exporter and the last copy will be retained by STPI for its own record”.

(6) Exporters, using the revised procedure, will have to provide information about all the invoices including the ones lesser than US $ 25,000, in the bulk statement in Excel format.

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