Direct tax collection for the April-February period grew 19.5% to Rs 7.44 lakh crore, against the required 18.3% growth for the current fiscal to meet the revised estimate target of Rs 10.05 lakh crore. Collections for corporate and personal income tax for the same period rose 19.7% and 18.6%, respectively, the government said in a statement. Experts attributed the collection growth to formalisation of the economy as a result of demonetisation and the roll-out of the goods and services tax (GST). The government had revised upwards the direct tax collection target from Rs 8.5 lakh crore in the Budget. The government said that refunds amounting to Rs 1.39 lakh crore have been issued during this period. While the collection growth averaged over 19% in the April-July period, it had slowed down in the subsequent months to just over 14% in April-November period. The growth picked up again from December to over 18%. The widening of the tax base was a result of direct tax reforms, including demonetisation, he said.