The net direct tax collection during the first two months of the current fiscal fell by around 48 per cent. Finance ministry in a statement said net direct tax collections, gross collections minus refunds, were down by 47.93 per cent at 12,954 crore rupees during the first two months of the current fiscal .The net direct tax collection was 24,878 crore rupees 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 50,405 crore rupees. The decline in net direct tax collection was on account of 217 per cent increase in tax refunds at 37,451 crore rupees.The statement said the Central Board of Direct Taxes (CBDT) has provided a tax refund of 11,824 crore rupees in the April-May period of 2010-11 and 73,000 crore rupees in the entire fiscal. The statement said over 40 lakh refunds had been issued in the currentfiscal. The budget estimates for direct tax collections for the current fiscal is about 5.33 lakh crore rupees. Experts say, high inflation and moderating economic growth could result in lower than estimated tax collection during the current fiscal. Revenue Secretary Sunil Mitra last month had said inflation can affect domestic demand and thereby adversely affect GDP growth and consequently tax collection.