Middle class bearing more weight of heavy taxation than corporates: Jairam Ramesh attacks Centre
Jairam Ramesh targeted the Bharatiya Janata Party-led Centre on Sunday, over the recent tax collection data, and said that individuals are paying more tax than companies, and the middle class is bearing the weight of heavy taxation while Rs 2 lakh crore has been put in «pockets of billionaires» due to slashing of corporate taxes.
He highlighted that income tax collection stood at Rs 3.61 lakh crores and gross corporate tax collections were Rs 2.65 lakh crores, from April 1 to July 1, 2024.
Taking to social media platform X, Jairam Ramesh said, «As we head towards the Budget on July 23rd, data has just been released that gross personal income tax collections amounted to Rs 3.61 lakh crores during April 1-July 1 2024 while gross corporate tax collections were Rs 2.65 lakh crores. This reconfirms and re-establishes the point we have been making for quite some time--that individuals are paying more tax than companies.»
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More NewsThe Congress general secretary further highlighted that during former Prime Minister Manmohan Singh's tenure, personal income tax was 21 per cent of total tax collection, while today it has risen to 28 per cent, while corporate tax on companies has fallen from 35 per cent to 26 per cent.
He also
