FICCI CASCADE
Counterfeit goods, expiry tampering a 'very huge problem', says Consumer Affairs Secretary
Counterfeit products and altered expiry dates present a significant challenge. Consumer Affairs Secretary Nidhi Khare highlighted the ongoing battle against fake goods. E-commerce platforms are actively removing counterfeit listings. Sophisticated fakes are difficult to detect. Consumers must remain vigilant and report suspicious products. The government is also addressing dark patterns and reforming legal metrology.
Indian households to experience a relief of 27 to 30% in taxes due to GST 2.0: Report
GST 2.0 will cut household taxes by 27–30%, easing budgets and making essential and discretionary items more affordable, according to a FICCI CASCADE-TARI report. The progressive tax structure benefits higher-income groups, supports MSMEs, and promotes formalisation. The number of items taxed at 5% has nearly tripled to 149, helping curb smuggling and counterfeit goods.
Lower GST rates to ease tax burdens, empower MSMEs, and accelerate formalisation: Report
The government plans to implement GST 2.0. This initiative aims to reduce the tax burden on households and support MSMEs. It will also promote formalisation of the economy. The new GST structure will expand the 5% tax slab. Rural and urban households will see increased disposable income. GST 2.0 addresses issues like inverted duty structure.
Ficci pegs illicit trade at near Rs 8 lakh crore in 5 key sectors
Industry body Ficci has urged for strict punishment and enhanced surveillance to combat illicit trade, which is estimated at Rs 7.97 lakh crore annually across five key sectors, including apparel and FMCG. The illicit market in packaged foods alone was Rs 2.23 lakh crore in 2022-23, over one-fourth of the country's packaged food market.
FICCI CASCADE organises awareness rally about illicit trade and impact on economy
The FICCI Committee Against Smuggling and Counterfeiting Destroying the Economy (CASCADE) organised an awareness rally on Saturday to combat the growing issue of illicit trade and the smuggling of counterfeit products that negatively impact India's economy. The 2022 FICCI CASCADE study reported a notable increase in the illicit trade market within crucial sectors such as FMCG-packaged foods, FMCG-household and personal goods, alcoholic beverages, and tobacco products.
India sees improvement in Global Terrorism Index; scaling of efforts can save USD 159 bn to money laundering
"Illicit trade undermines national security, risks legitimate manufacturing, leaks government revenue, jeopardises public health and safety, and erodes the trust of consumers and investors alike," it said. Tackling this issue is fundamental for safeguarding India's economic stability, ensuring fair competition, and fostering an environment conducive to sustainable growth and ease of doing business, it said.
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Assam Rifles seized Rs 1,600 crore illegally traded goods in northeast since 2020
"The Assam Rifles in the year 2020 seized Rs 857 crore of illegally traded goods and around Rs 746 crore in 2021," Assam Rifles Director General said. "The force has been at the helm of affairs to counter illegal trade along the 1,643-km porous and unfenced India-Myanmar border. The whole region is of great importance from an economic and strategic point of view," he said.
Recent increase in smuggling in the North East can be due to economic distress insinuated by Covid: FICCI Committee
Various battalions of the forces intercepted smugglers transporting the illicit consignments using bikes, cars and trucks while hiding them inside rice sacks, jungle tracks, vegetation and others.
Sharp spike in smuggling of goods amid coronavirus pandemic: FICCI CASCADE
"The perpetrators of illicit trade are always looking at innovative ways to deceive the system to carry out their activities. This deeply harms the economic interests of the nation and the society ends up paying a huge cost," FICCI CASCADE Chairman Anil Rajput said in a statement.
Spike in cigarette smuggling during COVID-19 lockdown: FICCI CASCADE
FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy), said the seizure of foreign brand cigarettes worth Rs 11.88 crore from a container at Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai on June 12, by the Directorate of Revenue Intelligence (DRI) is one of the biggest seizures since lockdown.
Corporate tax reduction to boost growth, investment: Anurag Singh Thakur
On corporate tax reduction, Thakur said new investment will help create lot of job opportunities in the country.
Illicit products adversely affecting Indian industry: Report
As per FICCI CASCADE, high tariff rates, brand consciousness, lack of awareness, cheaper alternatives and demand supply gap are among the major reasons for smuggling in India.
Misdeclaration, undervaluation emerging as innovative methods of smuggling: FICCI
FICCI CASCADE, said the seizure value for misdeclaration of goods stood at Rs 1,187 crore in 2016, while that of undervaluation of goods stood at Rs 254 crore.
Insurgents, militants funded by drug and fake currency trade: Assam DGP Mukul Sahay
Smugglers pay protection money to various insurgent groups who use these amounts in subversive activities, Assam Additional DGP Mukul Sahay said.
Cigarette, tobacco smuggling incidents jump 136% in 2yrs: Report
Maximum revenue loss to the exchequer came from illicit trade of tobacco products, mobile phones, alcoholic beverages, it said.
Industry pitches for bringing natural gas under GST
Currently, crude oil, petrol, diesel, jet fuel or aviation turbine fuel (ATF) and natural gas are not included in GST, which kicked in from July 1.
GST rollout to boost India's economy: FICCI
Goods and Services Tax (GST) will prevent cascading of taxes since input tax credit will be available across goods and services at each stage of the supply chain.
Ficci urges government to clamp down on rising contraband trade
The report by Ficci body CASCADE pegged the loss in seven industry sectors at Rs 1,05,381 crore, increasing 44.4 per cent between 2011-12 and 2013-14.
India lags behind in leveraging IPRs: CBEC Chief
Najib Shah also stressed on cooperation among key stakeholders for better enforcement of IPRs.
90% rise in consumption of smuggled cigarettes in India: Report
Over 56 per cent smokers prefer attractive packaging of foreign smuggled brands which does not adhere to Indian regulations like pictorial warning on 85% space of the cigarette packet, it said.
Online marketplaces preferred hub for counterfeiting, smuggling: Report
The report was unveiled on Friday at a FICCI CASCADE International Conference on Illicit trade – Threat to national security & economy.
Inadequate enforcement and lack of consumer awareness boosting counterfeiting in India: FICCI
Inadequate enforcement and lack of consumer awareness is boosting counterfeiting in India, a new report by industry body FICCI says.
Assam to set up panel to study illegal trade in imported cigarettes
Assam has seen an influx of cheap king-size cigarettes from Bangladesh, China and Myanmar into Assam, with Northeast has become a distribution centre for cheap smuggled cigarettes.
Illicit trade up in 2014, Rs 39,239 crore loss to exchequer: FICCI report
Amongst the various sectors, the maximum revenue loss was from counterfeiting and illicit trade is tobacco products 23% and Rs 9,139 crore.
Government must keep illegal trade on a tight leash: FICCI
Releasing a report on illicit markets here, Chand said such markets pose a threat to not only legitimate industries but also the nation.
Manufacturing sector losses increased 44 per cent due to illicit trade: Study
Moreover, the government tax (direct and indirect) losses, increased by almost 50 per cent to Rs 39,239 crore in 2014 from Rs 26,190 crore in 2012.
Government loses Rs 26K crore in taxes to smuggling, counterfeiting: FICCI
Smuggling and counterfeiting is estimated to cost the government a whopping Rs 26,190 crore in tax losses annually, a study conducted by industry chamber FICCI said.
FDI in retail could check counterfeit merchandise: Experts
Ushering in FDI in multi-brand retail could ensure supply of genuine goods by eliminating the intermediaries involved in production and sale of counterfeit goods, according to experts.
Replace dividend distribution tax with withholding tax: Ficci
The cost of doing business in India could come down if the Dividend Distribution Tax (DDT) on foreign shareholders is replaced by a withholding tax, industry body Ficci said on Sunday.
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