New Delhi: Congress on Saturday alleged that big billionaires and corporations have got tax cuts from the Modi government, while the salaried and middle class and employees pay the highest ever income tax.
Congress general secretary Jairam Ramesh said small businesses like proprietorships and partnerships also pay income tax, not corporate tax.
"In Modi's 'other era', 21 billionaires and giant corporations get tax cuts, while salaried professionals, the middle class and workers pay much higher income taxes," he said in a post on X.
He further said, "A simple picture tells the whole story – when Dr. Manmohan Singh left office, personal income tax was 21 per cent of total tax collections, while corporate tax was 35 per cent."
Then, two days before the "Howdy Modi" event, the Center announced a huge cut in corporate tax, putting a burden of Rs 2 lakh crore on the exchequer, Ramesh alleged.He claimed that today the share of corporate tax in total tax collection has fallen sharply to the lowest level in a decade at only 27.1 percent.
Meanwhile, the share of personal income tax in the total tax collection has increased to 27.4 per cent, he said.
"Without a surge in private investment, GDP growth cannot accelerate. The Finance Minister claimed that these corporate bailouts would bring about such an acceleration – instead, private investment would drive GDP growth by 35 percent under Dr. Manmohan Singh. The percentage has fallen from a high of 29 per cent during the entire Modi government's tenure,” Ramesh alleged in his post."Note that corporate taxes have been cut, but only mega-corporations and India's 21 billionaires benefit from it. Small businesses like proprietorships and partnerships pay income tax, not corporate tax," Ramesh said.
He also shared a graph to compare the tenure of Narendra Modi government and Manmohan Singh government, highlighting the increase in personal income collection and decline in corporate tax collection as a percentage of total tax collected.
Congress general secretary Jairam Ramesh said small businesses like proprietorships and partnerships also pay income tax, not corporate tax.
"In Modi's 'other era', 21 billionaires and giant corporations get tax cuts, while salaried professionals, the middle class and workers pay much higher income taxes," he said in a post on X.
He further said, "A simple picture tells the whole story – when Dr. Manmohan Singh left office, personal income tax was 21 per cent of total tax collections, while corporate tax was 35 per cent."
Then, two days before the "Howdy Modi" event, the Center announced a huge cut in corporate tax, putting a burden of Rs 2 lakh crore on the exchequer, Ramesh alleged.He claimed that today the share of corporate tax in total tax collection has fallen sharply to the lowest level in a decade at only 27.1 percent.
Meanwhile, the share of personal income tax in the total tax collection has increased to 27.4 per cent, he said.
"Without a surge in private investment, GDP growth cannot accelerate. The Finance Minister claimed that these corporate bailouts would bring about such an acceleration – instead, private investment would drive GDP growth by 35 percent under Dr. Manmohan Singh. The percentage has fallen from a high of 29 per cent during the entire Modi government's tenure,” Ramesh alleged in his post."Note that corporate taxes have been cut, but only mega-corporations and India's 21 billionaires benefit from it. Small businesses like proprietorships and partnerships pay income tax, not corporate tax," Ramesh said.
He also shared a graph to compare the tenure of Narendra Modi government and Manmohan Singh government, highlighting the increase in personal income collection and decline in corporate tax collection as a percentage of total tax collected.
