Direct tax collections increased by 41.8 per cent to Rs 1,44,286 crore (Rs 1442.86 billion) during the April-December period this fiscal due to continued buoyancy in corporate earnings.

The growth in net direct tax collections so far has outpaced the targeted growth of 27.5 per cent as per the Budget estimates for fiscal 2006-07.

Robust earnings of India Inc boosted net corporate tax receipts by 51.8 per cent to Rs 92,463 crore (Rs 924.63 billion) in the first nine months of this fiscal while rising wages pushed up income tax receipts by 27.1 per cent to Rs 51,565 crore (Rs 515.65 billion), according to figures released by the finance ministry.

The boom in the stock market saw receipts from the securities transaction tax rise by 87.8 per cent to Rs 3,226 crore (Rs 32.26 billion) while the banking cash transaction tax added Rs 357 crore (Rs 3.57 billion) to the government kitty.

The fringe benefit tax registered healthy growth of 65.2 per cent, generating receipts of Rs.2,933 crore (Rs 29.33 billion).

Gross corporate tax collections on December 31, 2006 stood at Rs1,12,369 crore (Rs 1123.69 billion). The addition of Rs 35,469 crore (Rs 354.69 billion) was mostly on account of the December instalment of advance tax, which registered higher growth in the month of December 2006 compared to the trend up to December 2006.

Gross income taxes have also shown healthy growth, increasing by Rs 11,761 crore (Rs 117.61 billion) up during December 2006.

The income taxes generally show higher increase in the last 3 months of the fiscal on account of higher tax deductions at source.