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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.

128 startups raised 8,069 crore in August

128 domestic startups raised $995 million (Rs 8,069.40 crore) in August. Global Data said in a report on Thursday that this figure of venture capital is 9.7 percent higher than the capital raised in July. The institute’s principal analyst Aurojyoti Bose said the capital raised is still less than $1 billion. There were 1,239 deals between January-August this year.

India bans exports in WTO to reduce domestic prices
India has defended the decision to ban the export of wheat and rice at the World Trade Organization (WTO) meeting. According to an official, India said curbing exports became necessary due to control over domestic prices and food security concerns. However, these measures are temporary. These are being monitored. Last week in Geneva, the US and the European Union had said that India’s decision would adversely affect global markets.

Expansion

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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