Congress leader Jairam Ramesh attacks the Center, said - the middle class is bearing more tax burden than the corporate
Tax: The Congress General Secretary said that during the tenure of former Prime Minister Manmohan Singh, personal income tax was 21 percent of the total tax collection. Whereas today it has increased to 28 percent.
Congress leader Jairam Ramesh criticized the national government led by the Bharatiya Janata Party (BJP) on Sunday for recent tax collection data. He stated that individuals pay more taxes than corporations and that the middle class bears the brunt of hefty taxation. While lowering corporate taxes, billionaires have pocketed Rs 2 lakh crore.
He said that from April 1 to July 1, 2024, income tax collection was Rs 3.61 lakh crore and gross corporate tax collection was Rs 2.65 lakh crore. "As we head towards the Budget on July 23, data has just been released that gross personal income tax collections during April 1-July 1 were Rs 3.61 lakh crore while corporate tax collections were Rs 2.65 lakh crore. This confirms what we have been saying for quite some time that individuals are paying more tax than companies," Ramesh wrote on X.
The Congress general secretary further said that during former Prime Minister Manmohan Singh's tenure, personal income tax was 21% of total tax collections. Today it has increased to 28%. While corporate tax on companies has fallen from 35% to 26%. He criticized the Centre's 2019 move to reduce corporate tax rates and said it did not boost private investment as was anticipated. Instead, private investment has fallen from 35% under the UPA regime to below 29% today.
He said, when Manmohan Singh left office, personal income tax was 21% of total tax collection. While corporate tax was 35%. Today, the share of corporate taxes in total tax collection has fallen sharply to its lowest level in a decade, to only 26%. Meanwhile, the share of personal income tax in total tax collection has increased to 28%.
