Demonetisation, GST Fostered Trademark Protection awareness in India
While the Indian economy is still out on effects of DEMONETISATION and GOODS AND SERVICE TAX (GST), but these two seem to have fostered awareness about the PROTECTION OF TRADEMARK and INTELLECTUAL PROPERTY (IP) by businesses. Indian business establishments are now realizing the long term benefits accruing from protecting their trademarks.
R.A. TIWARI, the Deputy Registrar of Trademark, told business standard here, “In the aftermath of demonetization and GST, there has been a marked qualitative improvement in the filing of trademark applications by business entities”, he said. Tiwari claimed the “acceptance rate” of trademarks being filed has improved from 5-7 per cent earlier to 35- 40 percent now. Acceptance rate refers to the approval of trademark applications by the Trademark and Geographical Indication office.
At the same time, trademark applications were also being filed even from smaller towns in Odisha, Andhra Pradesh, Karnataka and Jharkhand, etc.
After the application of GST, the trademark became a more important aspect. If the trademark rights are not enforced properly, it will result in severe infringement and counterfeiting. If this is allowed to happen, the reputation and goodwill of a reputed branch will diminish and the quality of goods would deteriorate. This is likely to discourage investment and new startup enterprises which will have a negative impact on market mechanism and national economic growth.
In addition to this, trademark and goodwill will face a goods and service tax of 18% according to the final rate schedule.
India has made a lot of progress with regards to Intellectual Property in the last few years and the latest Intellectual Property spells out the clear strategy of the government and has connected innovation with Intellectual Property.Previous Post Next Post
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