Hyderabad: Many traders and consumers from the city have hailed the GST rate cut that came into effect on Monday. This, they opine, would help a family of four save an average of Rs 500 to Rs 700 every month. Incidentally, the rate cut in the automobile sector has come as a festive boon for those looking to buy new vehicles, whose rates will be reduced by around Rs 10,000. Meanwhile, traders have sought a simplified GST filing process, at least by the next reforms. The General Merchants Association president Sriram Vyas said that the GST reform was a blessing in disguise for both traders and consumers.