Lucknow, Sep 24 (IANS) As part of the Next Generation GST Reform Savings Festival, an awareness programme was organised in Pilibhit, which saw participation of prominent traders, businessmen, enterprise owners of the city.

Sanjay Singh Gangwar, Minister of State for Sugarcane Development and Sugar Mills in the Uttar Pradesh government presided over the function as the chief guest while many government officials from tax and revenue department also participated in the programme.

Ashish Niranjan, Additional Commissioner of State Taxes, Bareilly, informed traders about the latest GST reforms and explained its benefits and positive ramifications not just for the businesses but also for consumers.

Following the reduction in GST rates, markets are experiencing a vibrant atmosphere. Shopping is being seen in both the grocery market and the automobile sector, with a significant increase in car and tractor sales in particular.

Speaking on the occasion, Minister Sanjay Singh Gangwar said that the government’s objective is to simplify business and provide relief to the general public.

“Through this awareness campaign, we are trying to impress upon the trading community about the benefits and procedures of the new reforms, which will boost both business and the economy,” he told the gathering.

The GST next-gen reform, which came into effect from September 22, is set to increase household savings as prices of products are set to go down significantly.

It is expected to result in savings of 13 per cent in the household bills for groceries and daily essentials, while a small car buyer will be able to save around Rs 70,000.

According to government estimates, stationery, clothing, footwear and medicines purchases would bring in savings in the range of 7-12 per cent, while the savings would go up to 18 per cent in the case of individual health and life insurance policies, which have been exempted from the GST bracket.

–IANS

mr/pgh