VAT scurries industrial city towards loss of crores

Kanpur, Jan 9 (UNI) Traders protest over imposition of Value Added Tax (VAT) by the Uttar Pradesh government, has caused a loss of about Rs 50 crore to this industrial city.

The UP government had imposed the new tax regime across the state from January 1.

The city traders, busy in protest, shut down their business, resulting to the loss of around Rs 45 crore.

Besides, revenue loss of over Rs 5 crore.

''Wholesale markets, including cereals, medicines and utensils, were shuttered down during the agitation,'' City Vyapar Mandal chief Manikant Jain said.

Other market players are also joining the battle against the tax, he added.

City traders might go for state-wide bandh if their demands were not met soon, Mr Jain underlined.

Meanwhile, traders today called on a meeting at Nayaganj for the same.

UNI PDM JAS BJR ND2042