Vikas Lifecare has informed that it has received the DSIR recognition from the Department of Scientific and Industrial Research (DSIR) under the Ministry of Science and Technology. According to an exchange filing, the company’s in-house R&D Unit(s) got the recognition.
DSIR recognition
The DSIR recognition is a set-up by the government for benchmarking of industrial R&D. The company said that it also encourages it to maintain R&D activities at par with international standards.
DSIR recognition: How it works?
After this recognition, the company is eligible for receiving funds for R&D purpose from various government departments and agencies. The filing said that the management will invest further into necessary equipment with reduced or zero tax liability.
The company can now import with 100 custom duty exemption whereas domestic equipment purchases will attract a reduced GST of 5 per cent. Also, the company can sell products without any excise duty for a period of three years overseas.
The recognition will help the company to generate additional revenues, it added.
