OTHERS GST on Permanent transfer of IP right related Services attracts 18% GST

GST on Permanent transfer of IP right related Services attracts 18% GST

GST on Permanent transfer of IP right related Services attracts 18% GST

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)

particular

Before amendment, the existing rate was

After amendment, the rate is

Permanent transfer of IP right

Permanent transfer of Intellectual Property Right in respect of goods other than Information Technology software: 12%

 

 Permanent transfer of Intellectual Property Right in respect of Information Technology software : 18%

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

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

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