In our routine life, we come across different brands. Without realizing it, we are using the brand in everything; whether we are wearing something or eating anything, almost everyone has registered their business. Trademark is a unique way of identifying the brand. Trademark is a symbol or word that the user legally registers as representing a company or product. It differentiates your product from the products of other competitors. For instance, any wristwatch enthusiast in India can identify Titan's name merely by looking at the logo — even if the brand name is not cited on the product. 

It is a type of intellectual property consisting of a recognizable sign, design, or expression which makes it unique from other products. So, if you are running any business and come up with some new ideas or outstanding work, get yourself registered before anyone steals it. A Trademark should be unique to your brand to get it recognized. If your logo is unique and recorded, the potential customers will remember your brand by that logo. Anyone can quickly identify which brand your product belongs to.

Why do trademarks matter?

A trademark helps protect the owner of the mark by securing the exclusive right to use it or allowing another to use the same in return for payment. A trademark owner can be an individual, business organisation, or legal entity.

A trademark is one of your company’s precious capital. It is a way of identification and substantially plays a significant role in building the company's public image. Trademarks carry supreme interest as the general public can recognize a brand based on trademarks in a competitive market. At the same time, they also prevent other enterprises from copying another’s brand. Trademark helps to save the brand from infringement. Brand registration in India drives the companies to abide by the standards, rules and regulations. Customers can identify brand values and offerings after being satisfied with consistency and quality. 

Need for Trademark Registration 

Trademark is registered under the Trademark Act, 1999, and whenever infringements of trademarks happen, it provides the owner of the trademark the capacity to sue for losses. Brands, when registered, act as intellectual property for the business, as they safeguard the investment of the company. The chosen trademark shall register themselves on a mandatory basis as they work as a unique symbol for the products and services they provide.

How to Register a Trademark?

It feels hurt when you see some other entrepreneurs rob your hard-earned reputation.Many times, trademark (TM) owners end up in prolonged litigation because they did not register their brand when the time was right. Hence, it is virtuous to register your mark, and the owner will have the much-needed legal protection of their brand name registration in India. The trademark registration in India process does not require much effort. It is a simple process.

The concept of refund in the parlance of GST is a crucial aspect for a taxpayer as it facilitates trade by releasing blocked funds for working capital, expansion and modernisation of existing business. The GST refund can arise on account of excess cash balance in the electronic cash ledger or the accumulated Input Tax Credit unable to be utilised for tax payments due to zero-rated sales or inverted duty structure or on account of various other reasons that have been discussed below in the article.

The refund provisions in the GST law aim to streamline and standardise the GST refund procedure. Under the GST regime, there is a standardised form for making any claim for refunds. The claim and sanctioning procedure are primarily online and time-bound, which is a marked departure from the earlier time-consuming and cumbersome process.

In this article, we have tried throwing some light upon the important facets of GST Refund...

Situations Leading to Refund Claims

A claim for a GST refund may arise in the following situations:

* Refund of IGST paid on a specified class of goods and/or services exported by a specified class of persons.

* Refund of IGST paid on goods and/or services supplied for authorised operations to an SEZ developer/unit by a specified class of persons.

* Refund of unutilised ITC in case of exports or supply to SEZ developer/unit for authorised operations without payment of IGST or in the case of inverted duty structure.

* Refund of taxes paid on the supply of goods considered as deemed exports.

* Refund of any excess balance in the electronic cash ledger after payment of tax dues and other dues payable under the CGST Act or the rules made there under.

* Refund of taxes paid on a supply which is actually not made, either wholly or partially, and for which the invoice hasn’t been issued (tax paid on advance payment).

* Refund of tax wrongly collected and deposited to the Government (i.e., IGST paid by treating the supply as inter-state supply, which is subsequently held as intra-state supply and vice-versa).

* Refund of the IGST paid by tourists leaving India on any supply of goods taken out of India by him.

* Tax becoming refundable due to judgment, decree, order or direction of the Appellate Authority, Appellate Tribunal or any Court.

* Any tax becoming refundable to the taxpayer on finalisation of provisional assessment (on account of assessed tax on the final assessment being less than the tax deposited by the taxpayer).

* Refund of taxes paid on purchases made by UN bodies or embassies, etc.

* Refund of taxes to retail outlets established in the departure area of an international airport beyond immigration counters, making a tax-free supply to an outgoing international tourist.

* Refund of advance tax paid by a casual taxable person/Non-resident taxable person.

I hope the financial year (FY) 2022–2023 went well. It is about to end. But let me know one thing whether it was good in the case of your income-tax planning. NO? Most of us are thinking about our income-tax planning till the last date of the financial year and end up paying taxes on our hard-earned money, which we can save. Are you an employee? Have you submitted your investment proofs to your employer? You must know that your employer will deduct higher TDS on Salary income if you do not submit your investment proofs.

Although the deadline for such submissions varies, most companies require that you submit proof by March 15.

Even after investing under 80C and other savings, it is disheartening to continue paying high taxes. But when you file your income tax returns, the Income Tax Department will still refund you. Isn't that great? Let's look at the exemptions and deductions you can still use even though the deadline for submitting your taxes documentation to your employer has passed. Don't worry; the deductions and exemptions also apply to non-salaried people.