Gross direct tax collections showed an impressive 19 per cent growth in the first month of this fiscal but net collection resulted in negative growth with refunds outstripping collections. Gross direct tax mop up stood at Rs 5,473 crore till April 2003-04 as compared to Rs 4,587 crore in the previous year period, but refunds stood at Rs 6,365 crore, 89 per cent higher than the Rs 3,363 crore in the corresponding period in the previous year, sources said. Net direct tax mop up stood at Rs (-) 892 crore in the first month of this fiscal as compared to Rs 1,224 crore in the corresponding period a year ago. Though the gross collection has increased by 886 crore, heavy refunds of Rs 6,365 crore during the current year resulted in negative net growth. Its refunds alone was put at Rs 870 crore and other head’s refund was Rs 83 crore due to which net collection came down by Rs 2,116 crore over the corresponding period last year. Decrease in corporation tax and income tax stood at Rs 1,712 crore (121.5%) and 327 crore (12.5%) respectively as compared to the last year.
