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Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

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Speaking to Business Standard, Anil Rajput, chairman of FICCI CASCADE, said the government must look into this issue and take necessary measures

Nikesh Singh PTI New Delhi

2 min read Last Updated : Sep 22 2022 | 10:52 PM IST

Illicit trade in five key industries caused the Indian exchequer a tax loss of Rs 58,521 crore, and also resulted in the loss of 1.6 million jobs, according to a report by the Federation of Indian Chambers of Commerce & Industry (FICCI) released on Thursday.

The report, titled ‘Illicit Markets: A Threat to Our National Interests’, pegged the size of the illicit market in the five industries – mobile phones, household and personal goods, packaged foods, tobacco products, and alcoholic beverages – at Rs 2.6 trillion in 2019-20.

According to the report by FICCI’s Committee Against Smuggling and Counterfeiting Activities

Topics : taxes Illicit trade FICCI Counterfeiters Gold smuggling Smuggling Taxation Jobs India Capital goods Central Board of Direct Taxes FMCGs

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