Direct tax mop up recorded 13.7 per cent growth at Rs 36,226 crore (Rs 362.26 billion) during the first eight months, but heavy refunds slowed down income tax growth at 10.7 per cent.
Net collection till November comprised 39.6 per cent of the budgeted Rs 91,585 crore (Rs 915.85 billion) even as there was robust growth in corporation tax, finance ministry officials told PTI.
Total refunds rose by 24 per cent to Rs 15,141 crore (Rs 151.41 billion) in the first eight months as compared to Rs 12,158 crore (Rs 121.58 billion) in the corresponding period of 2001-02.
Direct tax collections improved by over Rs 3,500 crore (Rs 35 billion) from Rs 32,674 crore (Rs 326.74 billion) in the previous month.
Corporate tax collection was up by 19.1 per cent to Rs 16,756 crore (Rs 167.56 billion) during the first eight months of this year, which was 34.5 per cent of the budgeted Rs 48,616 crore (Rs 486.16 billion) for the whole year.
In the previous month, the corporate tax had grown by only 16 per cent to Rs 15,561 crore (Rs 155.61 billion). The growth in corporate tax during October was sluggish compared to 33 per cent growth during April-September, when the Centre mopped up Rs 15,264 crore (Rs 152.64 billion).
Income Tax collections were up by 10.7 per cent to Rs 19,204 crore (Rs 192.04 billion) till November, which was 45.2 per cent of the budget of Rs 42,524 crore (Rs 425.24 billion) for the whole year.
However, till October, IT collection had risen by 11 per cent to Rs 16,902 crore (Rs 169.02 billion) and it was growing by 11.3 per cent at Rs 14,341 crore (Rs 143.41 billion) till September.
Of the refunds, corporate tax refunds comprised Rs 11,818 crore (Rs 118.18 billion) and IT refunds were at Rs 3,294 crore (Rs 32.94 billion). The remaining of Rs 29 crore (Rs 290 million) were under other heads.
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