NEW DELHI: With the personal income tax collections exceeding the corporate tax collections, the Congress alleged on Sunday that 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.The opposition party’s attack on the government came a day after data released by the Central Board of Direct Taxes (CBDT) showed that the net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes Corporation Income Tax at Rs 2,10,274 crore and Personal Income Tax at Rs 3,46,036 crore after excluding the refunds.Congress general secretary, in-charge communications, 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,” Ramesh said in a post on X.
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