Indian Prime Minister Modi embarks on a Lion Safari at Gir National Park in celebration of World Wildlife Day
Prime Minister Narendra Modi visited Gir National Park in Gujarat on Monday, marking a significant day for wildlife conservation and tax policy reforms in India.
In Gir National Park, the Prime Minister embarked on a lion safari, an activity that highlighted the park's rich biodiversity and the government's commitment to protecting wildlife.
Meanwhile, in a separate development, Finance Minister Nirmala Sitharaman announced next-generation GST reforms, also known as GST 2.0. These reforms aim to simplify the Goods and Services Tax structure by rationalizing GST rates to a simpler, two-tier system of 5% and 18%, replacing the earlier four-tier structure of 5%, 12%, 18%, and 28%.
Key details of the reforms include:
- Rate rationalization: The two rates (5% for ‘merit’ goods and 18% for ‘standard’ goods) are designed to simplify compliance and reduce the tax burden on essential items, providing relief to common citizens, farmers, middle class, and MSMEs.
- Exemption of health and life insurance premiums for individuals from GST, although some states have reservations about this exemption. This is under consideration and to be finalized by the GST Council after the Group of Ministers (GoM) deliberates.
- Ease of compliance and structural reforms: The reforms include proposals to simplify processes for businesses, especially MSMEs, to boost manufacturing and self-sufficiency (Atmanirbhar Bharat).
Projected impacts:
- Reduction in the effective weighted GST rate from 14.4% to approximately 9.5% on average, implying a potential revenue loss estimated around ₹85,000 crores in the short term, but expected to stimulate additional consumption worth about ₹5.31 lakh crores.
- Facilitation of economic growth by easing tax burden and compliance, particularly aiding MSMEs and encouraging manufacturing growth.
The next-gen GST reforms are scheduled for rollout around September 22, 2025, with GoMs working to finalize details and submit recommendations by October-end for the GST Council’s approval.
While the nation focuses on these significant policy changes, heavy rains have battered Maharashtra, causing 8 reported deaths and over 5.4 lakh hectares of crop damage.
The visit to Gir National Park served as a reminder of the importance of preserving India's natural heritage, while the announced GST reforms aim to ease the tax burden on citizens and businesses, fostering economic growth and self-reliance in India.
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