Shift current transient are obtained for near band gap excitation of bulk GaAs by numerical solutions of the semiconductor Bloch equations in a basis obtained from a 14 band k·p model of the band structure. This approach provides a transparent description of the optically induced excitations in terms of interband, intersubband, and intraband excitations which enables a clear distinction between different contributions to the shift current transients and fully includes resonant as well as off-resonant processes. Using a geodesic grid in reciprocal space in our numerical solutions, we are able to include the electron-hole Coulomb attraction in combination with our anisotropic three-dimensional band structure. We obtain an excitonic absorption peak and an enhancement of the continuum absorption and demonstrate that the excitonic wave function contains a significant amount of anisotropy. Optical excitation at the excitonic resonance generates shift current transients of significant strength, however, due to the electron-hole attraction the shift distance is smaller than for above band gap excitation. We thus demonstrate that our approach is able to provide important information on the ultrafast electron dynamics on the atomic scale.