S. Nivedha, School of Excellence In Law, Tamilnadu Dr. Ambedkar Law University
Abstract
Over the last few years, the significance of intangible assets and the demand for its innovation have just expanded and has got a solid base for the monetary development of the countries. The importance of Intellectual Property continues to develop in the global economy, driven by the network impact of emerging technology and modern business models that are spreading creativity worldwide — apparently overnight. It's no wonder there's a race to IP dominance.
The system of taxation plays a predominant role in the IP development of a nation as it catalyses the innovation through various monetary deductions and exemptions. Indian taxation system acts as the gamechanger in order to attract investment, develop local Research and development and ensure knowledge transfer into the country. This paper is a review of existing system of taxation for Intellectual property in India. It provides an overview addressing the tax collection from intellectually protected innovation under the Income Tax Act and the Goods and Service Tax (GST).
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