GST assortment over Rs 1 lakh cr, hints at rise in financial exercise: Anurag Thakur

The authorities’s assortment below the Goods and Services Tax exceeded the Rs 1 lakh crore goal for 5 months in a row since October 2020, Minister of State for Finance Anurag Thakur advised the Rajya Sabha on Tuesday.
Thakur added that the gathering throughout this era is larger than what was collected the identical time final yr. “The monthly GST collection trend and the generation of e-way bills are clear indicators of increase in the economic activity,” he mentioned.
On the economic system, Thakur mentioned V-shaped restoration is being seen because the third quarter GDP numbers are constructive and commerce is getting higher.

Responding to a different query Tuesday, Thakur additionally knowledgeable the House that the non-performing belongings of banks declined to Rs 5.70 lakh crore in December 2020. He attributed this to measures taken by the federal government.
“There has been a reduction in gross NPAs. The NPAs – which stood at Rs 8.96 lakh crore in 2018 – have reduced to Rs 5.70 lakh crore in December 2020. Recovery of Rs 2.74 lakh crore was also made,” Thakur mentioned whereas replying to a supplementary query within the Upper House.