Billionaires get benefit of corporate tax cut, Rs 2 lakh crore goes into their pockets… Congress charges ahead of budget

Congress has launched a major attack saying that personal tax collection is higher than corporate collection. Congress has alleged that the country's billionaires have benefited from the corporate tax cuts. Due to this, around Rs.2 lakh crore has gone directly into the pockets of billionaires. On the other hand, there is a heavy tax burden on the middle class. The Congress made these allegations at a time when the Central Board of Direct Taxes (CBDT) data was released a day earlier. According to CBDT data, Rs 574,357 crore direct tax has been collected till July 11, 2024. This includes corporate tax collection of Rs 210274 crore and personal income tax of Rs 346036 crore excluding refunds. What did Jairam Ramesh say about tax collection? Congress General Secretary and Communications Officer Jairam Ramesh said that the budget will be presented on July 23. From April 1 to July 1, 2024, total personal income tax collection was Rs 3.61 lakh crore and total corporate tax collection was Rs 2.65 lakh crore, data released by CBDT showed. He said these statistics reaffirm that people pay more tax than corporations. When Manmohan Singh left the prime ministership, personal income tax was 21 percent of the total tax collection compared to the government of Congress leader Manmohan Singh. Whereas corporate tax was 35 percent. Currently, the share of corporate tax in total tax collection has fallen sharply to 26 percent, the lowest level in a decade. On the other hand, the share of personal income tax has increased to 28 percent. 'No surge in private investment either' On September 20, 2019, he said corporate tax was cut in the hope that it would lead to a surge in private investment, but that did not happen. Dr. Private investment declined from 35 percent of GDP during Manmohan Singh's tenure to less than 29 percent in 2014-24.