What is the meaning of Inter Unit Transfer (IUT) under STP (Software Technology Park) in Import Export Business?
As understood, an STP (Software Technology Park) unit falls under the
Customs Bonded Area and any movement inside or out needs the required
permission from the STP (Software Technology Park) and EOU (Export Oriented
Unit). Inter Unit transfer usually means the movement or transfer of goods or
services from one STP to another STP unit.
This movement of goods from one STP to another STP can either be on
permanent basis or loan basis. Each movement inward or outward as mentioned must
be entered into the said register at the Customs office. This is for the supervision
and monitoring for the Customs authorities.
In simple terms, any transfer or movement of goods or services from one
STP unit or EOU to another is called Inter Unit Transfer. Any movement of
modification can be done only after necessary permissions are granted from the
Customs authorities. Import goods or services that are locally procured will
not attract any duty fee directly. The above said unit is not allowed to sell
goods or services locally in the DTA (Domestic Tariff Area). However, movement of goods or services can be
done from one unit to another by taking necessary permissions from the
officials. Documents like the purchase order copy and the pro forma invoice
needs to be filed with the authorities to undertake the Inter Unit Transfer. Once
the permission is obtained post submitting the documents, the movement can take
place either with the help of a physical escort or under specified bond.
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