Intellectual Property Rights and Service Tax – An Analytical Approach | Original Article

ABSTRACT:

Moving in an era where the fruits or products of intellect are considered to be at a higher footage than any other form of material wealth , as when the intellectual ideas are converted from ideas to a perceptible form brings huge wealth, this form of intellectual wealth is protected by intellectual property rightslaw. In present time the world economies are engaged in transforming themselves into knowledge based economies rather than just being a simple industrial one. Thus, the companies see this intellectual property as an asset capable of generating tonnes of capital with tax authorities becoming aggressive in auditing, the intellectual property holder aren’t spared hence fixing liability to pay tax on it. In this article, authors have focussed specifically on service tax imposed on intellectual property services, basis of levying it, its incidence implications.