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Submission requesting for extension of due date for filing of Annual Performance Report by STPI units
Submission requesting for extension of due date for filing of Annual Performance Report by STPI units

May 9, 2023

1050

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As you may be aware, Chapter 6 (Annexure-IV to the Appendix 6E) of Handbook of Procedures (HBP) under Foreign Trade Policy (FTP) mandate units in STPI to submit APR in the prescribed format within a period of 90 days following the close of financial year. 1 In case of non-compliance, further imports and sale to Domestic Tariff Area (DTA) will not be permitted.

Based on feedback from industry, we have made a submission to STPI authorities to highlight that generally, companies finalise their books of accounts for a financial year by 30th September following that financial year. To comply with the above deadline of 90 days, companies finalise and submit APR based on provisional financial statements. This is followed by a revised APR filing once the books of accounts are finalised (generally around September following the financial year). This process of re-drafting and re-filing of APR results in duplication of efforts and is cumbersome and time-consuming for the industry.

We have also highlighted that relief has been provided by the government to units in Special Economic Zones (SEZs), by extending the time limit for filing APR from 90 days to 180 days following the end of the financial year (i.e., by 30th September).

Considering the above challenges, we have requested STPI authorities to extend the due date for filing of APR by units in STPI from 90 days to 180 days following the end of the financial year (i.e., 30th September). This will help in avoiding duplication of work. This would also align STPI regulation with SEZ regulations and promote ease of doing businesses in India.


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Tejasvi

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