The Central government is estimated to have lost as much as Rs 58,521 crore in taxes in 2019-20 due to illicit trade in goods in 5 key industries. A Ficci report, titled ‘Illicit Markets: A Threat to Our National Interests’ by FICCI’s Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE), has identified FMCG , mobile phone, tobacco products and alcohol as the most affected industries- with the size of illicit markets in these industries at a little over Rs 2.60 lakh crore for the year 2019-20. The FMCG industry alone accounted for 75% of the total illicit value of goods in five key industries. Tobacco products and alcoholic beverages- two highly regulated industries – account for nearly 49% of the overall tax loss in these industries. The maximum number of jobs (7.94 lakh) were lost due to illicit trade in the FMCG packaged foods industry, followed by tobacco industry (3.7 lakh), FMCG household and personal goods industry (2.989 lakh), alcoholic beverages industry (97,000), and mobile phone industry (35,000). The tax loss to the government due to illicit trade in these five sectors stood at Rs 17,074 crore (FMCG packaged foods), Rs 15,262 crore (alcoholic beverages), Rs 13,331 crore… Read full this story
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