By: IPP Bureau
Last updated : January 17, 2023 10:31 am
This DSIR recognition for company's in-house R&D Unit make it eligible for receiving funds for R&D purpose from various government departments and agencies
Vikas Lifecare Limited (VLL) in-house R&D Unit has recently got recognition from the Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology, Government of India (DSIR).
This prestigious DSIR recognition set-up by Government of India for benchmarking of industrial R&D not only acknowledges the company's in-house R&D activities’ supremacy, par excellence research work and innovations, but also encourages the company to maintain its R&D activities at par with international standards.
This DSIR recognition for company's in-house R&D Unit make it eligible for receiving funds for R&D purpose from various government departments and agencies, and enable to invest further into necessary equipments with reduced or zero tax liability, as R&D equipments could now be imported with 100% custom duty exemption whereas domestic equipment purchases will attract reduced GST rate of 5% only.
Further, in case a product arising out of the R&D unit is patented in India and one more from another country (the US, China, or EU), the product can be sold without any excise duty for a period of three years.
The recognition and the pursuing benefits will help VLL generate additional revenues via manufacturing niche materials and or sales of in house technology to produce such materials and or royalty fee generated from the technology/technique is let out to other producers of similar materials.