?Govt to roll back development tax? | india | Hindustan Times
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?Govt to roll back development tax?

SENIOR TRADER leader and newly elected Rajya Sabha member Banwari Lal Kanchhal on Sunday announced that traders would not allow multinational companies to open retail stores in the State.

india Updated: Apr 03, 2006 00:56 IST

SENIOR TRADER leader and newly elected Rajya Sabha member Banwari Lal Kanchhal on Sunday announced that traders would not allow multinational companies to open retail stores in the State.

He also clamed that the State Government would soon roll back development tax, along with three other taxes. Kanchhal was speaking at a function held by the Lucknow Vyapar Mandal to felicitate him here.

Kanchhal said despite the Centre allowing MNCs to set up retail outlets in the country, the State’s traders would not allow foreign companies to do retail business here. He said he would get Chief Minister Mulayam Singh Yadav to make an announcement to this effect on April 28, when he (Kanchhal) would hold a function to felicitate the CM. Kanchhal also claimed that the State Government was all set to withdraw the development tax soon.

Three other taxes would also be done away with, he added, but did not name them. Kanchhal, who is also financial advisor to the government, said UP would never implement the Value Added Tax (VAT) despite all other States having switched over to the new tax regime. He claimed that non-implementation of VAT had not had an adverse impact on the State and its traders.

On the contrary, trade tax realisation had gone up this year compared to previous years. By not implementing VAT, Mulayam Singh had become a hero for traders, he said.