In light of the fact that the nation is now being assaulted by a more powerful second wave of covid, it is imperative that the central government promptly call a meeting of the goods and services tax (GST) council, which has not been held in the last half a year. As the outcry demanding price reductions on essential medications and devices becomes more loud, this comes as a surprise. This essay will discuss the urgent need to have a GST meeting in order to reduce taxes. As a result of the second wave of COVID-19, the states anticipate that the central government will urgently convene a meeting of the goods and services tax (GST) council, which has not held a meeting in the past six months. Their expectation is that this meeting will be held in order to reduce taxes. This takes place once the clamor of voices calling for price reductions on essential medications and equipment becomes more audible. Additionally, states anticipate debating the addition of the compensation term, under the GST regime, beyond July 2022 during the council meeting. This is because unexpected times throw a shadow over state finances. this is something that states anticipate addressing. The exemption of critical covid medications such as remdesivir, medical-grade oxygen used in oxygen cylinders, and associated supplements, which are now subject to a tax rate of 12 percent, is being compelled by the states. Numerous more decisions have been accumulated, some of which include the rationalization of GST slabs, the adjustment of inverted duty on certain commodities, and the inclusion of petroleum products, amongst others. Moreover, the legislation mandates that the council must convene at least once every three months; nevertheless, the extended interval that has occurred this time has caused concerns to arise. An additional announcement was issued by the health minister of the central government of Chhattisgarh, who represents the state at the council. The notification indicated that the state is going to write to the center in order to request a GST exemption for remdesivir and associated supplements. It is our intention to impose a gst exemption on Remdesivir as well as on a few other products. However, in order to do that, the GST Council must assemble. During this time, the nation is experiencing a severe lack of the medicine remdesivir; yet, as a result of the high severity of the pandemic, a number of states are requesting a large quantity of pharmaceuticals to treat corona patients. An injection of 90,000 remdesivir injections, with a total value of Rs. 14.11 crore, has been sought by the state of Chhattisgarh from the pharmaceutical company Mylan Laboratories. Read more about the urgent GST meeting that will be held to reduce taxes on essential drugs and equipment.
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