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Royalties

kiran (accounts manager) (263 Points)

01 December 2024

in Karnataka, gst on royalties they are issuing notices retrospectively with interest are they right?any guidelines in this regard? please sh BHare.Thank you.

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (8219 Points)
Replied 01 December 2024

The GST on royalty is a fee paid by businesses for using assets and intellectual property, and it's taxed based on GST rates for goods.

The recipients can claim input tax credit if registered under GST.

However, I cannot provide legal advice on whether the notices being issued are correct or not.

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Rama chary Rachakonda (Master in Accounts & high court Advocate email ID:ramachary64@gmail.com voice no:9989324294) (8219 Points)
Replied 01 December 2024

The GST on royalty is a fee paid by businesses for using assets and intellectual property, and it's taxed based on GST rates for goods.

The recipients can claim input tax credit if registered under GST.

However, I cannot provide legal advice on whether the notices being issued are correct or not.