The net direct tax collection during the first two months of the current fiscal fell by 47.93 per cent, mainly on account of dolling out of large refunds by the IT department.
Net direct tax collections, gross collections minus refunds, were down by 47.93 per cent at Rs 12,954 crore during the first two months of the current fiscal, the finance ministry said in a statement.
The net direct tax collection was Rs 24,878 crore in the April-May period of 2010-11.
However, the gross direct tax collection during April-may went up by 37.34 per cent to Rs 50,405 crore.
The decline in net direct tax collection was on account of 217 per cent increase in tax refunds at Rs 37,451 crore. The same was Rs 11,824 crore in the April-May period of 2009-10.
The budget estimates for direct tax collections for the current fiscal is about Rs 5.33 lakh crore.