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

Economy Business | Dated: 07 Nov 2024

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).

🎯 Key Highlights:

  • - 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.

💡 Other Important Facts:

  • (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.

📚 Test Your Knowledge:

Maharashtra, Karnataka, and which state have been highlighted as the top contributors to direct tax revenue in FY24?

Correct Answer: Delhi

🚀 Quick Recap:

About SBI

  • Chairman : Challa Sreenivasulu Setty
  • Headquarter : Mumbai