I have been reading that until now invoices upto 25000$ need not be reported to STPI/ RBI as exports. However now this changes, and we also have to comply with all the formalities of STPI even we are a non STPI company.
This means that if one is a small software product company selling small value orders abroad one has to
a) Register with STPI
b) Register each contract and pay the service charges with STPI
c) Monthly – give details of invoices, FIRC receipts and file the value with STPI
And don’t get any benefits anyway.
This seems almost impossible to comply with given that there are thousands of small companies doing small jobs every month for companies abroad and not with the same companies.
Is STPI there to help small companies or to smother them with paper work? Cant a more simple procedure be worked out if the intent is just to track how legitimate is the forex coming into the country?
Would love to hear what others are facing. Has anybody complied with it – its been over a year since RBI brought out this circular and for some reason, I heard about it only now.