Tuesday, Nov 21 2017 | Time 00:51 Hrs(IST)
image
  • U'S' sanctions individuals, entities for Iran-linked counterfeiting
  • BP, Eni interested in developing Iraq's Majnoon oilfield - Iraqi oil officials
  • U'S' senators seek details on 'dubious' oversight shift by Japanese bank
  • Head of Syrian opposition's HNC resigns -statement
  • Pinera faces battle to win Chile presidency against resurgent left
  • Amsterdam, Paris win post-Brexit EU agencies in lucky dip thrillers
  • EU picks Paris as new host for EBA after Brexit, sources say
  • Trump declares N'Korea state sponsor of terrorism, triggers sanctions
  • Zimbabwe's Mugabe in talks with ousted vice president - army chief
  • Singer and actress Della Reese dead at 86, family says
  • BJP takes swipe at Rahul, sees Cong prez poll as just a drama
Business Economy Share

FICCI urges Govt to treat illicit trade as national threat

FICCI urges Govt to treat illicit trade as national threat

New Delhi, June 1 (UNI) FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy) has appealed to the policy makers from the Ministry of Finance, Cabinet Secretariat and Prime Minister’s office that illicit trade should be treated as a national threat and tax evasion needs to be seen as a grave offence. FICCI also urged the Government to take adequate steps to tackle this menace. In the letter to various concerned ministries, FICCI shared the outcome of a recent interactive session held on Illicit trade and its impact on consumers, industry and economy, where it was felt that stringent actions needs to be taken to counter and bring down illicit trade in the top smuggled sectors in the country. According to FICCI’s recent report, ‘Invisible Enemy – A Threat to Our National Interests’ the top five goods where the seizures by DRI has been the highest in the past few years have been gold, cigarettes, machinery parts, fabric/silk yarn and electronic items. The existence and operation of illicit trade vis-à-vis counterfeiting and smuggling has been an enduring problem that has escalated in scope and magnitude, impacting industries, government, economies and, the health and safety of the consumers. FICCI CASCADE, over the years, has been actively focusing on curbing the problem of growing illicit trade in smuggled, pass-offs and counterfeit goods. Dr A Didar Singh, Secretary General, FICCI, stated that India today has the potential to become a global manufacturing hub. However, widespread smuggling and counterfeiting, in the absence of an adequate enforcement mechanism to stop it, can act as a dampener in achieving this goal. It is time that we call for stern and resolute counterstrike force against such ill-intentioned activities. As per FICCI CASCADE report, the total loss to the government on account of illicit markets in just seven manufacturing sectors is Rs 39,239-crore and loss to the industry is Rs1,05,381-crore in 2014. Amongst the various sectors, the maximum revenue loss to the exchequer on account of counterfeiting and illicit trade is attributed to tobacco products, estimating a revenue loss of Rs 9,139-crore followed by mobile phones at Rs 6,705-crore and alcoholic beverages at Rs 6,309-crore. FICCI report establishes a relationship between high taxes and availability of illicit products. High tax rates tend to exacerbate illicit markets by creating greater demand for cheap and counterfeit substitutes. Considerable differences in tax rates between states open up opportunities for illegal cross-border trade. A perspective of having the right balance between tax revenue targets and consumer interests is therefore imperative. The Goods and Service Tax (GST), will have to take due care to rectify this anomaly in taxation policy and set this imbalance right. UNI ADP SNU 1610

Top News
Cong releases 2nd list of 13 candidates for Gujarat

Cong releases 2nd list of 13 candidates for Gujarat

New Delhi, Nov 20 (UNI) The Congress on Monday night released its second list of 13 candidates for the assembly elections in Gujarat which includes names of Pradyumansinh Jadeja from Abdasa and Aadam B.

see more..
Govt approves visa for 33 Bohra children from Pakistan

Govt approves visa for 33 Bohra children from Pakistan

New Delhi, Nov 20 (UNI) Indian government has decided to issue visa for 33 Bohra children from Pakistan, External Affairs Minister Sushma Swaraj said here on Monday.

see more..
Innovation are shaping space industry: ISRO

Innovation are shaping space industry: ISRO

New Delhi, Nov 20 (UNI) Space Commission and Chairman Indian Space Research Organisation (ISRO) Chairman AS Kiran Kumar on Monday said innovations are shaping the Space Industry and the endeavour should be to provide access of advantages of space to common people.

see more..
SC refuses to interfere in 'Padmavati' release

SC refuses to interfere in 'Padmavati' release

New Delhi, Nov 20 (UNI) The Supreme Court on Monday refused to interfere in the release of the Hindi film "Padmavati.

see more..
Sri Lankan PM coming tomorrow; to meet Modi on Nov 22

Sri Lankan PM coming tomorrow; to meet Modi on Nov 22

New Delhi, Nov 20 (UNI) Prime Minister of Sri Lanka Ranil Wickremesinghe is arriving here tomorrow on a two-day visit during which he will hold talks with Prime Minister Narendra Modi.

see more..
Decks cleared for Rahul's elevation

Decks cleared for Rahul's elevation

New Delhi, Nov 20 (UNI) Decks cleared on Monday for the much awaited elevation of Congress vice-president Rahul Gandhi to the post of party president with the Congress Working Committee giving its nod to the schedule for election of the party president with issuance of notification on December 1.

see more..
Electric vehicles economically, practically viable as mode of transport: Gadkari

Electric vehicles economically, practically viable as mode of transport: Gadkari

New Delhi, Nov 20 (UNI) Public transport running on biofuel and electricity is the focus of the government as it would be environment-friendly and cost effective, Union Road Transport, Highways, Shipping, Water Resources, River Development and Ganga Rejuvenation Minister Nitin Gadkari said.

see more..
image