Tuesday, May 14

Jairam Ramesh Accuses Centre Of Giving Tax Benefits To Few Chosen Big Corporates

Edited by Fazal Rahman Chembulangad
Jairam Ramesh Accuses Centre Of Giving Tax Benefits To Few Chosen Big Corporates

Taking to X on Wednesday, the Congress general secretary Jairam Ramesh accused the central government of giving tax benefits to a few corporate individuals while doing injustice to the common people of the country.

Noting that the money collected from the personal tax is higher than the money generated from the corporate tax, the Congress leader said, “For the first time in over three decades (excluding the 2020-21 pandemic), the Union Govt is generating more money from personal income tax (Rs10 lakh crore) than it is from corporate tax (Rs9 lakh crore). This is the direct result of PM Modi giving his close friends an Rs1.84 lakh crore handout in the form of the September 2019 corporate tax cut”.

The Congress leader further noted the handout given by the government benefited only 0.7% of the largest firms in 2019 while the poor, middle class and small businesses were reeling from price rises and high taxes. “Far from stimulating investments and jobs, the corporate tax cut resulted in a 19-year low in the share of corporate investment in 2022-23, even as profits went sky high. The tax cuts instead went straight into the pockets of the PM’s friends, as many experts had warned at the time,” he claimed.

The Congress leader further accused the government of letting down the poor and middle class, with private consumption growth this year being the slowest since 2002-03.

Noting that the benefits are going to the chosen conglomerate, Jairam Ramesh said, “This is the reality of Modi’s Atmanirbharta: all benefits for a few chosen conglomerates and ANYAY for everyone else.”