25 C
Saturday, January 28, 2023
HomeAsian NewsFAIFA needs tax cuts on cigarettes, tobacco merchandise to curb smuggling

Related Stories

Local weather activists glue themselves to well-known Francisco Goya work

Two local weather activists on Saturday have glued a...

Brittney Griner: US protests as basketball participant moved to a penal colony in Russia

US basketball participant Brittney Griner has been moved to a...

World tourism rebounds strongly after COVID-19

Previous to the pandemic, the worldwide journey and tourism...

Meet the Soccer Stars Representing Workforce USA on the 2022 World Cup

Kicking off the day with soccer is at all times...

How Andy Cohen Says WWHL & Late, Late Present Are Comparable

Andy Cohen has a bone to choose with James...

FAIFA needs tax cuts on cigarettes, tobacco merchandise to curb smuggling


- Advertisement -

The Federation of All India Farmer Associations (FAIFA) has appealed to the Union authorities to chop taxes on cigarettes and different tobacco merchandise to arrest its smuggling.

Calling for fast measures to place curbs on the smuggling of tobacco merchandise, it stated the federal government was dropping closely in taxes due to the large influx of smuggled merchandise.

Citing a FICCI CASCADE (Committee In opposition to Smuggling and Counterfeiting Actions Destroying the Financial system) report, it pegged the illicit tobacco market dimension at ₹22,930 crore. Losses ensuing from unrealised taxes have been estimated at ₹13,331 crore.

Welcoming the federal government’s transfer to chop duties on gold and high-end cell phones to curb their smuggling, the FAIFA stated that there was a plan to scale back the obligation on gold imports to 12 per cent from 18.45 per cent.

- Advertisement -

“This may make gold cheaper within the Indian market and curb its smuggling,” stated Javare Gowda, President, Federation of All India Farmer Associations (FAIFA).

He requested the federal government to take an analogous transfer to curb cigarette smuggling.

“The discount in taxes on authorized cigarettes won’t solely scale back the large tax loss for the federal government but additionally will deliver reduction to tens of millions of our tobacco farmers who’re depending on the authorized home trade,” Gowda stated.

Illicit cigarettes are in massive demand throughout the nation and at the moment exceed 1/third of authorized volumes. A tax lower will drastically scale back this market, he identified.

Murali Babu, Common Secretary of FAIFA, stated that the farming group was below stress as shoppers have been shifting to smuggled cigarettes. This thriving illicit market is inspired by excessive taxation and excessive regulation of the authorized cigarette trade, he argued.

See also  CPSEs employed extra contractual employees in FY22; common, girls staff drop out
- Advertisement -

Citing the FICCI report, Babu claimed that the quantity of losses in taxes to the federal government doubled to ₹13,331 crore in 2020 as towards ₹6,240 crore 2012.


- Advertisement -


- Never miss a story with active notifications

- Browse for free from up to 5 devices at the same time

Latest News


Please enter your comment!
Please enter your name here