Business

2.60 Lakh Crore Illegal Business In Five Industries, Loss Of 58521 Crore

Illegal business in five core industries including everyday consumption goods (FMCG), tobacco products, mobile phones and liquor has cost the exchequer Rs 58,521 crore as taxes in 2019-20. Industry body FICCI said in a report on Thursday, the size of illegal business in these industries was slightly more than 2.60 lakh crore in 2019-20.

The report said that the FMCG industry accounted for 75 per cent of the total illegal business in five major industries. Two highly regulated and highly taxed industries are tobacco products and alcohol in the total tax loss to the government. These two together account for about 49 per cent of the total tax loss to the government. agency

This industry hit the government the most

Illegal trade in these five sectors resulted in loss of tax of 17,074 crore to the government in FMGC food items. 15,262 crore in the liquor industry, 13,331 crore in the tobacco industry and 9,995 crore in the FMCG domestic and private use industry. There was a tax loss of Rs 2,859 crore in the mobile phone industry.

About 16 lakh people lost their jobs

FICCI said in its report that due to illegal business in five major industries, about 16 lakh people lost their jobs during 2019-20. During this period, the highest number of 7.94 lakh jobs were created in FMCG food items. This was followed by 3.7 lakh jobs in the tobacco industry, 2.98 lakh in the FMCG domestic and private use industry and 97,000 in the liquor industry. In addition, 35,000 people lost their jobs in the mobile phone industry.

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