(MENAFN- KNN India) New Delhi, Oct 10 (KNN) The 7th meeting of the National Traders' Welfare Board (NTWB) was held today at Vanijya Bhawan in New Delhi, chaired by Sunil J. Singhi, Chairman, NTWB.

The session brought together officials and representatives from the trading community to discuss policy priorities, ongoing reforms, and initiatives supporting domestic industries.

At the meeting, Department for Promotion of Industry and Internal Trade (DPIIT) Joint Secretary Sanjiv underscored the critical role of India's retail trade sector.

He urged members to provide practical and inclusive inputs for the formulation of the upcoming National Retail Trade Policy, with a focus on participation from grassroots-level traders.

A key highlight of the meeting was the discussion on the 'Vocal for Local' campaign to strengthen indigenous industries and promote locally made goods.

Singhi commended the recently implemented Next-Gen GST Reforms, effective September 22, 2025, and highlighted the positive response from traders through the 'GST Bachat Utsav' campaign.

He highlighted that the new GST framework has reduced tax rates across 375 essential and consumer items, including groceries, apparel, medicines, and automobiles, resulting in notable savings for consumers and businesses alike.

According to Singhi, the reforms have made small cars cheaper by about Rs 70,000, while GST reductions on stationery, clothing, footwear, and medicines are expected to yield savings of 7–12 percent.

The GST rate on tractors has been brought down from 12–18 percent to 5 percent, translating to savings of nearly Rs 40,000, while health and life insurance policies are now fully exempt, offering up to 18 percent savings.

Singhi said the focus remains on simplification of procedures, reduction of compliance burdens, financial support, and infrastructure enhancement.

He added that representations from trade bodies and members have been referred to the relevant Ministries and Departments for necessary action and encouraged continued engagement to raise awareness about government welfare schemes for traders.

(KNN Bureau)

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