'Rs 26,000 cr tax loss due to counterfeiting, smuggling in 2012'
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'Rs 26,000 cr tax loss due to counterfeiting, smuggling in 2012'

Last Updated: Wednesday, June 5, 2013, 21:44
 
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'Rs 26,000 cr tax loss due to counterfeiting, smuggling in 2012'
New Delhi: Counterfeiting, smuggling and tax evasion has led to the government suffering an estimated tax loss of a whopping Rs 26,190 crore in 2012 in the seven key industry sectors, including auto components and FMCG, a study by industry body Ficci has said.

The special study brought out by FICCI and Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) added that overall the industry bears an annual sales loss of Rs 1 lakh crore due to these two menaces.

"According to the study the estimated annual tax loss to government is Rs 26,190 crore. The overall estimate of annual sales loss to industry is put at Rs 1,00,000 crore as per the report," the study said.

The seven sectors are auto components, alcohol, computer hardware, FMCG (personal goods), FMCG (packaged goods), mobile phones and tobacco, it added.

Speaking on the occasion, Ministry of Consumer Affairs Secretary Pankaj Agarwala said: "The consumer needs to be made aware of the risks of buying these goods that are dangerous to their health ans a risk to their safety. By insisting on a bill and checking the label any consumer can start making a difference in the fight this menace."

The highest loss to industry in terms of revenue is from FMCG (packaged goods) at Rs 20,378 crore (23.4 percent), FMCG (personal goods) at Rs 15,035 crore (25.9 percent), auto components at Rs 9,198 crore (29.6 percent), mobile phones at Rs 9,042 crore (20.8 percent) and tobacco at Rs 8,965 crore (15.7 percent), it said.

PTI


First Published: Wednesday, June 5, 2013, 21:44


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