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.
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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.
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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.
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