Explain Software Technology Park (STP) Scheme.
The Software Technology Park (STP) Scheme is developed to promote 100% export of Software and IT services, including export of professional services using communication links or physical media.
Software Technology Parks acts as a single window in providing services to the software exporters and incubation infrastructure to SMEs. This scheme is unique in its nature as it concentrates on one product or sector, i.e. computer software. The scheme integrates the government concept of 100 percent Export Oriented Units (EOUs) and Export Processing Zones (EPZs) and the concept of Science Parks/Technology Parks, as operating anywhere in the world.
As said earlier, the approvals are given under single window clearance mechanism. All imports of hardware and software in STP units are completely duty free, and import of second-hand capital goods and re-export of capital goods are also permitted.
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