Economist Surjit Bhalla has said that while India is not the richest country in the world, the tax collection here is one of the highest. “We are a much more globalised economy in the world and the world is a lot more globalised. If you look at the overall tax rate structure in India, collection of taxes is one of the highest in the world and we are not the richest economy of the world,” Bhalla said while speaking to PTI. “As far as direct taxes are concerned, I think the overall tax rate should not be more than 25%. Right now it is close to 40% with surcharges etc. 25%, which is our corporate tax rate, that’s what our income tax rate should be,” he added.