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DSIR is providing lower GST rate at 5% so why pay 18% GST

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The recent Government move to increase GST rates on a lot of goods as also introducing GST on packaged food such as atta, milk products such as curd and paneer has not gone down well with customers in India who are already reeling under food price inflation and increasing interest rates. But while businesses are… Continue reading DSIR is providing lower GST rate at 5% so why pay 18% GST

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Why Lab furniture companies shouldn’t design your lab?

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Laboratories are workplaces for the conduct of scientific research. Research and development (R&D) lab design require the right layout and furnishing solutions to ensure accuracy and efficiency in a safe and productive environment. Many researchers directly contact lab furniture companies for their R&D lab setup, their satisfaction level is subpar and they experience many falts… Continue reading Why Lab furniture companies shouldn’t design your lab?

Personality Check – Adar Poonawalla – Sherral Joseph
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Personality Check – Adar Poonawalla – Sherral Joseph

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Adar Poonawalla was recently included in ‘Fortune magazine’s 40 under 40’ listing in the healthcare category. He recently came into limelight when the Covishield vaccine which was developed by Astra Zeneca with Oxford University began to be manufactured by the Serum Institute of India, the world’s largest vaccine manufacturer.  Mr Poonawalla became the CEO of SII in 2011, which was initially founded by his father, Cyrus Poonawalla in 1966.  In 2014 SII launched and initiated the Oral Polio vaccine which became the company’s bestseller.

The Institute is currently producing 50 million doses of Covishield a month and according to its CEO Adar Poonawalla, is aiming for a production of 100 million does a month after regulatory approval.

Adar Poonawalla has received several awards for his work in the health industry including the ‘Business Leader of the year’ award as part of the ET Edge Maharashtra Achievers Awards

The Agricultural Revolution of India written by Sangharsh Kale
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The Agricultural Revolution of India written by Sangharsh Kale

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Farming and allied industries are the backbone of India’s economy. In modernizing agricultural practices, Artificial Intelligence (AI) will play a key role in achieving the objective of doubling farmers’ incomes by 2022. Agriculture is also listed by India’s national AI strategy as one of the main   areas where AI can enable growth and greater inclusion. AI-enabled farming solutions help farmers improve crop productivity, monitor soil health, optimize the management  of pests and weeds, manage irrigation, and help farmers to pay the best price. In line with the aspirations of the country, the Confederation of Indian  Industry (CII) is working to grow the agricultural sector. A main focus area  is  upgrading the technology quotient in agriculture. Union Minister of Agriculture and Farmers’ Welfare  Mr. Narendra Singh Tomar announced onNovember 6, 2020 that the Centre would soon  launch a ‘price information and market intelligence system’ powered by AI that will enable farmers to find out the latest prices of different farm products in markets across the nation. He said while announcing the plan, “We are developing a price mechanism. Through this process, even a person sitting in Badaun will know the prices prevailing in Kolkata market every day in the morning. This scheme is being built and very soon it will be launched.” Several start-ups are now also committed to maintaining the agricultural sector through the AI system.  In Andhra Pradesh, a company is using AI to power a sowing app, leading to a higher crop yield per hectare. In addition, AI algorithms are being used to monitor crop… Continue reading The Agricultural Revolution of India written by Sangharsh Kale

Circular economies and Sustainability
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Circular economies and Sustainability

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The Circular Economy Trend : Are you in the know? The Decade of Action In 2019, the UN General-Secretary called on all sectors of society to mobilize a ‘decade of action’ to address the world’s biggest challenges extending from climate change, inequality, poverty and closing the finance gap. We are at the beginning of the… Continue reading Circular economies and Sustainability

income tax benefits · R&D Incentives · Uncategorized

Title: The Future of Tax Deduction for Research & Development – written by Sangharsh Kale

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The Department of Scientific & Industrial Research (DSIR) up until 31st March 2020,  offered manufacturing companies, tax exemptions  u/s 35 (2AB) of the Income Tax Act, 1961 up to 150% for expenses incurred on R&D in their respective field. This exemption would let companies spend more money in their R&D & helped in innovating new technology, product development & related processes.

On 1st April 2020, the Government of India phased down the tax exemption to 100% of the expense incurred on R&D. This decision has come as a significant blow affecting all major manufacturing companies involved in research & development. We at Scinnovation, are positive, that these exemptions wouldn’t be phased down any further.

Earlier to claim these tax deductions, a manufacturing company had to sign an agreement with DSIR for co-operation, a company had to fulfil certain conditions concerning the maintenance of accounts & audit thereof & furnishing of reports in a manner as may be prescribed by DSIR.

With the lowered tax exemption of 100%, the company is not mandated to enter into an agreement with DSIR to claim the tax exemption.

Although, we would recommend that a company trying to avail the tax exemption should apply for recognition as an in-house R&D centre by DSIR. By doing so, the company will drastically speed up the claim period.

We at Scinnovation Consultants will help your company get DSIR Recognition for your Research & Development efforts. Having worked with multiple seed companies we have developed expertise in the area. SCinnovation Consultants has a 100% track record in terms of getting the DSIR Recognition.

For any inquiry please contact Mr. Rajesh Ravindranathan, Client Acquisition Specialist at letstalk@scinnovation.in.

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SUSTAINABILITY

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Research, development and opportunities Sustainability is a guiding influence for all of research areas. It is based on a simple principle: Everything that we need for our survival and well-being depends, either directly or indirectly, on our natural environment. A sustainable program should not just be self-sufficient, but also self-reliant. The emphasis on sustainability of… Continue reading SUSTAINABILITY

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GRANT FOR RENEWABLE ENERGY SECTOR BY MINISTRY OF RENEWABLE ENERGY, GOVT OF INDIA

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(Article By Chayan Sen, Funding Associate, SCPL) Renewable Energy Research and Technology Development (RETD) Programme of the Ministry  of New and Renewable Energy (MNRE) for implementation during the period 2017-18 to 2019- 20 at a total cost of Rs. 175.87 crore. The scheme will continue till March 31st, 2021 The  scheme aims at scaling up… Continue reading GRANT FOR RENEWABLE ENERGY SECTOR BY MINISTRY OF RENEWABLE ENERGY, GOVT OF INDIA

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Demystifying Electric Vehicles: Zooming Towards A Sustainable Future

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(By Sangharsh Kale, R&D Incentives Associate, SCPL) Electric cars are powered by an electric motor rather than a traditional diesel or petrol motor. The electric motor itself is powered by rechargeable batteries which can be charged just like our mobile phones. Electric vehicle(EVs) are fast, fun & efficient, and maintaining them is far simpler than… Continue reading Demystifying Electric Vehicles: Zooming Towards A Sustainable Future