Vikas Lifecare, a polymer and polymer additive related chemicals company, has informed that the company’s in-house R&D Unit(s) has got recognition from the Department of Scientific and Industrial Research, Ministry of Science & Technology.
This prestigious DSIR recognition not only acknowledges the company’s R&D activities but also encourages maintaining the activities at par with international standards.
ALSO READ: Budget 2023: Will ‘new’ Income Tax regime have some more exemptions?
This DSIR recognition also makes it eligible for receiving funds for R&D purpose from various government departments and agencies and enable it to invest further into necessary equipment with reduced or zero tax liability.
The company can now import R&D Equipment with 100 per cent custom duty exemption. However, domestic equipment purchases will attract a reduced GST rate of 5 per cent.
Besides, the company’s product can be sold without any excise duty for a period of three years.
ALSO READ: Budget 2023: Here are the various types of Government Budget
The company in an exchange filing said that the recognition will help in generating additional revenues via manufacturing niche materials and others.
Shares of Vikas Lifecare made a stock market debut in June 2021. The counter has yielded more than 100 per cent since listing. On Monday, it finished at Rs 4.50 on NSE.
Latest Business News
