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Labh Panchami is known as Saubhagya Panchami, Gyan Panchami and Labh Pancham in Gujarat. In some regions, it is also known as Saubhagya-Labh Panchami. Saubhagya and Labh mean good luck and benefit respectively. Hence this day is associated with benefit and good luck.
In Gujarat, Diwali festivities culminate of the day of Labh Panchami and this day is considered highly auspicious. It is believed that Puja performed on the day of Labh Panchami brings benefit, comfort and good luck in the life, business and family of the worshipper.
In Gujarat, most shop owners and businessmen restart their business activities on Labh Pancham after Diwali festivities. Hence in Gujarat, Labh Pancham is the first working day of Gujarati New Year. On this day businessmen inaugurate new account ledgers, known as Khatu in Gujarati, by writing Shubh on left, Labh on right and drawing a Sathiya in the centre of the first page.