Maharashtra, Karnataka & Delhi among Top 3 states in Direct Tax Contributor in FY24 : SBI

Current Context: The report titled "SBI Research Report on Direct Tax Contributions FY24" was released by the State Bank of India (SBI) on October 25, 2024.

• The report highlights that Maharashtra, Karnataka, and Delhi are the top three states in direct tax contributions for the fiscal year 2023-24, with Maharashtra leading at 38.9%, followed by Karnataka at 11.9%, and Delhi at 10.4%.
• The report also mentions that these top five states collectively contribute more than 70% of the Centre's total direct tax revenue.
• It further discusses the impact of tax simplification measures, noting that direct tax contributions to total tax revenue were the highest in 14 years in 2023-24.

Question:

1 Which state contributed the highest share to India’s direct tax revenue for the fiscal year 2023-24, according to the SBI Research Report?

• A) Karnataka
• B) Delhi
• C) Maharashtra
• D) Gujarat

Answer: C) According to the SBI Research Report, Maharashtra led the states in direct tax contributions for FY24 with a significant share of 38.9%.