Lucknow, Sep 24 (NationPress) In a significant move for traders, the Next Generation GST Reform Savings Festival hosted an informative program in Pilibhit, attracting key traders, business owners, and entrepreneurs from the area.

Honoring the event, Sanjay Singh Gangwar, the Minister of State for Sugarcane Development and Sugar Mills in Uttar Pradesh, served as the chief guest, alongside numerous officials from the tax and revenue departments.

Ashish Niranjan, the Additional Commissioner of State Taxes in Bareilly, took the initiative to enlighten the attendees on recent GST reforms, highlighting the advantages not only for businesses but also for consumers.

Since the reduction of GST rates, the markets have been buzzing with activity, especially in the grocery and automobile sectors, where sales of cars and tractors have notably surged.

During his speech, Minister Sanjay Singh Gangwar emphasized that the government's aim is to streamline business operations and alleviate the public's burden.

“This awareness initiative aims to convey the benefits and processes associated with the new reforms, which are anticipated to invigorate both commerce and the economy,” he stated to the audience.

Effective from September 22, the GST next-gen reform is projected to enhance household savings significantly as product prices are expected to decrease.

Household expenses for groceries and essential items could see a savings increase of approximately 13 percent, while buyers of small cars might save about Rs 70,000.

Government forecasts indicate that purchases of stationery, clothing, footwear, and medicines could yield savings between 7-12 percent, and individual health and life insurance policies—now exempt from GST—could see savings soaring up to 18 percent.