Most Urgent/Important-Service tax
we are indian based company, engaged in the software development. We purchased the IP from the foreign company, we have to pay the lum sum payment not as Royalty. Now after purchasing IP the foreign company has no right on the IP, it's our property, we can get the royalty now...........Is there any service tax on the purchase of IP. Actually company is not taking service, but getting the intangible assets from a foreign company. Please take care it, tell me what the consequences? Thanking You!
Asked on 11/15/07, 9:30 am
2 Answers from Attorneys
Homi Maratha
N.N. Maratha & Co.-Advocates
Re: Most Urgent/Important-Service tax
No there is no service tax.
Answered on 11/16/07, 4:58 am
Amit Shukla
AS and Associates Legal Services
Re: Most Urgent/Important-Service tax
No.There is not any service tax on purchase of IP.
Answered on 11/15/07, 10:29 pm
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