GST Liability on Permanent transfer of IP right Related Services attracts 18% GST

What is IPR(Intellectual Property Right)?

• IPR(Intellectual Property Right) has not defined in GST Law. Intellectual property is generated by the application of intelligence, which can take the form of a design, an invention, technology, a book, a product, a procedure, or goodwill etc  (MF(DR) circular No. B2/8/2004-TRU dated 10-9-2004)

Central Board of Indirect Taxes and Customs though Notification has further modified notification No. 01/2017- GST rate on permanent transfer of Intellectual Property Right (“IPR”) in respect of goods by increasing goods and services tax rate from 12% to 18% and CBIC has been amend it at par with supply of services. (Notification No. 13/2021-dated Oct 27, 2021)

Patent Registration in India

Patent Registration is considered the most important aspect of the intellectual property rights of a company or individuals. The patent registration process in India is governed by the Patents Act 1970 and has been in effect since 20th April 1972. The inventions, processes, developments, Formulas, and methods in Novelty are strictly required to remain undisclosed. Filing a patent application in India makes the applicant viable to file a corresponding application for the same invention in other countries, before the date of its expiry of 12 months from the filing date in India. The patent application has to file with proper details including name, address, title, and description of the invention along with required and important information about the creation.

This is required along with duly signed Power of Attorney which is then subjected to acceptance and rejection by the concerned authority. After thorough verification, the process of patent registration in India gets completed. Being a specialized process requires a good counsellor by your side for completing the procedures by identifying and walking by various necessary provisions in India. Patent registration confers upon the sole ownership rights to granting permission to another to copy it. Owners share the right to restrict others from using their unique creations without permission.

CA Rajput helps you in filing for patent registration in New Delhi by undergoing proper documentation and lawful proceedings for successfully preventing your unique creation. 

Regards

Rajput Jain & Associates

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