Uttar Pradesh chief minister Yogi Adityanath today said the ‘Next Gen GST Reform’, implemented on the first day (Sep 22) of the auspicious Sharadiya Navratri, has infused fresh momentum into the market.
Addressing the media at Hazratganj – Lucknow’s posh shopping enclave, Yogi said the reduction in GST rates is providing significant benefits to consumers, traders and entrepreneurs.
“While offering direct relief to the public, the reform is set to strengthen the market and generate new avenues of employment,” he added.
He emphasised that as India’s largest consumer state, UP’s traders and consumers stand to gain the most from these reforms.
GST has been reduced to zero on notebooks, pencils and other educational materials, while most essential household items now fall under the 0% or 5% tax slab.
Additionally, 33 life-saving medicines have been fully exempted from GST.
Increased market consumption, he noted, is driving higher production, benefiting traders and entrepreneurs, and creating fresh employment opportunities for the youth.
Underscoring the economic impact, the CM pointed out GST collections nationwide have risen from Rs 7 trillion to Rs 22 trillion since its implementation in 2017.
In UP, the State GST (SGST) collections have more than doubled from Rs 49,000 crore to over Rs 1.15 lakh crore over the same period, he added.
Meanwhile, Yogi also interacted with traders and consumers in the main Hazratganj market, distributing pamphlets and banners on GST reforms and engaging directly with shopkeepers and customers.
He remarked these reforms were crucial for the Indian economy, and represent a decisive step towards providing relief from inflation.