Corporate tax cut put Rs 2 lakh crore in billionaires’ pocket: Congress

New Delhi, July 12

With Union Finance Minister Nirmala Sitharaman scheduled to present the Union Budget on July 23, newly released data reveals a stark disparity in tax contributions between individuals and corporations, alleged Congress general secretary Jairam Ramesh.

Jairam pointed out that as per the figures, gross personal income tax collections amounted to Rs 3.61 lakh crores during April 1 to July 1, 2024, while gross corporate tax collections stood at Rs 2.65 lakh crores.

Highlighting this imbalance, the Congress leader stated, “This reconfirms and re-establishes the point we have been making for quite some time that individuals are paying more tax than companies.”

He asserted that the corporate tax cuts have disproportionately benefited the wealthy. “The corporate tax cut has put over Rs 2 lakh crore in the pockets of billionaires, while the middle class continues to bear the weight of heavy taxation,” he stated.