SBI Report- Maharashtra, Karnataka, and Delhi Lead as Top Direct Tax Contributors for FY24.

Economy Business

According to the State Bank of India (SBI) Research report titled 'How Tax Simplification has given a necessary fillip to ITR Filing', Maharashtra has the highest share in direct tax revenue in the Fiscal Year 2023-24 (FY24).


      - Maharashtra retained the top position with a significant 38.9% share, Karnataka contributed 11.9%, and Delhi fell to third place, contributing 10.4%, followed by Tamil Nadu (TN) at 6.5% and Gujarat at 4.8%.

      - These five states collectively contribute over 70% of India's total direct taxes.

      - A Direct tax is imposed directly on the taxpayer and paid directly to the government by the persons (juristic or natural) on whom it is imposed.

Main Points:-   (i) This is the first time in seven years that Karnataka has outperformed Delhi in terms of direct tax contributions, as Delhi held the second position from 2017-18 to 2022-23.

      (ii) Income tax returns filing peaks in Maharashtra, followed by Uttar Pradesh (UP), Gujarat, Rajasthan, and Tamil Nadu.

(iii) The SBI report also highlighted that direct taxes now account for 56.7% of total tax revenue in FY24, marking the highest contribution in 14 years.
About SBI

Chairman : Challa Sreenivasulu Setty
Headquarter : Mumbai
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