Category — Economy
In an effort to streamline, simplify and expedite the trademark registration processes, the Government of India has replaced the Trade Marks Rules 2002, with a forward looking and more progressive Trade Mark Rules, 2017.
Some of the salient features of the new rules as reported by Indianceo are:
- Reduction in the number of trademark forms from 75 to 8: while earlier there used to be one form for each type of application, it is now a single form for requests related to each separate stage of the application life cycle, such as filing, search, opposition, and renewal, among other types; trade mark applications, whether single class, multi-class, collective marks, can now be done now through the same form; contested proceedings such as oppositions or rectifications may be registered through a single form.
- Hearings in connection with proceedings, will now be allowed through video conferencing or other audio-visual communication devices. The 2002 rules did not have this feature.
- Sound marks and three dimensional marks will now be accepted for registration. This is a new provision. For registering sound marks, the rule states, “Where an application for the registration of a trademark consists of a sound as a trademark, the reproduction of the same shall be submitted in MP3 format not exceeding thirty seconds’ length and recorded on a medium which allows for an easy and a clearly audible replaying, and which is accompanied with a graphical representation of its notations.” Registration of 3-D marks includes the shape and packaging of goods.
- Electronic filing and service of documents is encouraged. A fee that is 10% less than for physical filing has been provided for e-filing. Communications which are sent by the Trade Mark office through email will be accepted as completed service. It will not be required to serve documents through the post.
March 19, 2017 No Comments
The Goods and Services Tax (GST) Council has decided “to provide for up to 1 percent Tax Collected at Source” for e-commerce companies, a senior government official explained. The supplier of goods can set off the tax against its final GST liability, and so theoretically, the levy can be even lower than 1 percent. The tax provision will allow authorities to track transactions carried out through e-commerce platforms and ensure compliance.
Morgan Stanley estimates India’s e-commerce market will surge to $119 billion by 2020. The government sees e-commerce as having a huge potential for job creation by providing market access to small entrepreneurs and businesses that would find setting up physical retail establishments too expensive, reports the Economic Times.
March 15, 2017 No Comments
Introducing a multi-modal program to reduce logistics costs and make the economy competitive, India has abandoned its previous “point-to-point” logistics model in favor of a “hub-and-spoke” one, where railways, highways, inland waterways and airports will in tandem to form an effective transportation grid.
Nitin Gadkari, minister for road transport and highways, shipping and ports said in an interview, “It is for the first time that we have taken an integrated approach for the country’s transportation. This will increase India’s exports, provide employment opportunities, will be cost effective, and will make goods cheaper in the country.”
The plan envisages setting up 35 multi-modal logistics parks at an investment of $10 billion for the development of 50 economic corridors. An investment template for the states and the private sector will be prepared. The infrastructure will include installation of cooling plants, cold storage facilities, warehouses, gas stations as also facilities for truck maintenance. These logistics parks will serve as hubs for freight movement enabling freight aggregation and distribution with modern mechanized warehousing space, reports Mint.
March 15, 2017 No Comments
Washington D.C.-based global private equity firm Carlyle will raise $1 billion under its new Asian growth fund largely focused on investing in India and China.
Per a disclosure, the International Finance Corp is one of its Limited Partners, and the private sector investment arm of World Bank has committed $25 million to the fund. The new growth fund is expected to make 15 to 20 investments ranging between $30 million to $75 million in China and India, accounting for $800 million of the total amount, reports VCCircle.
March 15, 2017 No Comments
The Goods and Services Tax (GST) Council, in its meeting chaired by the Federal Minister for Finance & Corporate Affairs, Arun Jaitley has approved both the drafts of the Central GST Bill and the Integrated GST Bill that were vetted by the Federal Law Ministry. India’s Federal Government presented the two Bills to the Parliament for their passage in the ongoing Budget Session.
Some of the main features of the two Bills, as finalized by the GST Council, are:
- A state-wise single registration for filing returns, paying taxes, and other compliance requirements. Most of the compliance requirements can be presented online, leaving very little room for physical interface between the taxpayer and the tax official.
- A taxpayer is required to file one single return state-wise to report all his supplies, whether made within or outside the state or exported out of the country and pay the applicable taxes on them, such as the Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST).
- A business entity with an annual turnover of up to Rs. 2,000,000 ($32,800) is not be required to register in the GST regime.
- A business entity with a turnover of up to Rs. 5,000,000 ($76,000) can opt for a composition plan under which it has to pay a much lower rate of tax and will be required to fulfill very minimal compliance requirements.
- Entities involved in agriculture are not required to register in the GST regime if their business is limited to the supply of produce out of cultivating land.
- An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.
You may access the complete notification released by the Press Information Bureau of India, here.
March 8, 2017 No Comments