July 1st holds a place of significance in history, marking a day of political, social, and geographical transformations that continue to resonate in our world today.
In 2017, India witnessed the implementation of the Goods and Services Tax (GST), a revolutionary tax reform. The idea of nationwide taxation was first proposed by the Kelkar Task Force, aimed at simplifying compliance and removing the cascading effects of the older tax structure. GST replaced a complex web of Central and State taxes with a unified system, encompassing tax slabs of 5%, 12%, 18%, and 28%. Notably, some essential commodities are exempted from GST, while gold and diamond job work attract a lower tax rate. Compensation cess is levied on demerit goods and certain luxury items.
On this same day, nearly three decades ago in 1991, India began observing July 1st as National Doctors Day, a tribute to the selfless service of doctors. This day commemorates the birth anniversary of Dr. Bidhan Chandra Roy, a renowned physician and the second Chief Minister of West Bengal. His significant contributions to healthcare and the public health system led to the designation of July 1st as National Doctors Day.
July 1st also holds a prominent place in the history of Hong Kong and China’s relations. In 1997, the United Kingdom handed over the region to China, ending 156 years of British rule that began in 1841. Hong Kong was designated a Special Administrative Region (SAR) of China for 50 years, granting it the autonomy to maintain its own economic and governing systems, distinct from those of mainland China. However, following the implementation of the Hong Kong National Security Law in 2020, the influence of the central government in Beijing has increased.
Rounding out the day, International Joke Day is celebrated in various countries across the globe on July 1st. Although the exact origin of this celebration remains unclear, it serves as a joyous occasion for people to share laughter, lightheartedness, and a sense of camaraderie with friends and family over a good joke.
