44% increase in manufacturing sector losses due to illicit trade: study
Illicit trade in seven major manufacturing sectors has increased industry losses by 44 per cent in two years, said a study. Government tax (direct and indirect) losses have also increased almost 50 per cent to Rs 39,239 crore in 2014, from Rs 26,190 crore in 2012 due to this.
Federation of Indian Chambers of Commerce and Industry (Ficci) and the Committee Against Smuggling And Counterfeiting Activities Destroying the Economy (Cascade) commissioned the study, which focused on seven prime manufacturing sectors — auto components, alcoholic beverages, computer hardware, fast moving consumer goods (personal), FMCG packaged foods, mobile phones, tobacco and media and broadcasting.
Related Posts
Report: High cigarette tax fuels black market in state
PHOENIX — A cigarette tax higher than neighboring states and cheaper prices on...
Bulgaria Deputy PM: Counteracting smuggling of excise goods one of govt’s main priorities
Rumyana Bachvarova, Bulgarian Deputy Prime Minister for Coalition Policy and...
NFA gave legal cover to smugglers
Top officials of the National Food Authority (NFA) gave big-time smugglers legal...
Counterfeit mobiles ‘cost $6 billion a year’
Black market sales of counterfeit and substandard mobile phones are a US$6...