Applicability And Implication Of Goods And Services Tax On Intellectual Property

Introduced in 2017, the Goods and Services tax (GST) is a destination based consumption tax subsuming in itself, the erstwhile taxes like sales tax, service tax, excise etc. Under the GST regime, the tax is levied simultaneously by the Central as well as the State/Union territory Government and such tax is levied on the "Supply" 1 of "Goods" 2 or "Services" 3 or both. As per the World Intellectual…