Permanent Transfer of IPRs attracts 18% GST: CBIC [Read Notification]

Permanent Transfer - IPR - GST - CBIC - taxscan

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified that permanent transfer of IPRs attracts 18% GST.

In exercise of the powers conferred by sub-section (1) of section 9 and subsection (5) of section 15 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the further amend the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.1/2017-Central Tax (Rate), dated the 28th June, 2017.

In the said notification, in Schedule II – 6%, S. No. 243 and the entries relating thereto shall be omitted.

Further, in Schedule III 9%, against S. No. 452P, in column (3), the words “in respect of Information Technology software” shall be omitted.

The above mentioned changes are applicable on Integrated Goods and Service Tax (IGST), Central Goods and Service Tax (CGST) and Union Territory Goods and Service Tax (UTGST).

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