Direct tax collections shot up to Rs 91,374 crore (Rs 913.74 billion) till October 28, registering a growth of 38.3 per cent as against the budget target of 27.73 per cent, on the back of buoyancy in corporate and income tax collections.

The direct tax collection was at Rs 66,069 crore (Rs 660.69 billion) during the same period last fiscal.

Growing at this pace, the direct tax collections are likely to touch Rs 2,25,000 crore (Rs 2250 billion) as against the budget target of Rs 2,10,000 crore (Rs 2100 billion) for 2006-07. In 2005-06, direct tax collection was Rs 1,64,500 crore (Rs 1645 billion).

Corporate tax collection grew by over 45 per cent to Rs 55,549 crore (Rs 555.49 billion) till October 28, as compared to Rs 38,199 crore (Rs 381.99 billion) in the same period in 2005-06, Central Board of Direct Taxes spokesman said.

Income tax and fringe benefit tax collections together rose by 25 per cent to Rs 32,886 crore (Rs 328.86 billion) compared to Rs 26,281 crore (Rs 262.81 billionduring the corresponding period in 2005-06.

The strong growth in direct tax collections is due to high GDP growth and departmental efforts, investigations and access to information, the spokesman said adding the annual information returns on high value transactions in properties, credit cards, bonds and mutual funds has improved tax compliance.

Other taxes including Banking Cash Transaction Tax and Securities Transaction Tax was up by 85 per cent to Rs 2,939 crore (Rs 29.39 billion) as against Rs 1,589 crore (Rs 15.89 billion) collected in the same period last fiscal.

STT collection grew 96 per cent to Rs 1,304 crore (Rs 13.04 billion) from Rs 2556 crore (rs 25.56 billion) a year ago.  BCTT mop up was Rs 119.5 crore (Rs 1.19 billion) from Rs 269.5 crore (Rs 2.69 billion).