JSFiddle - React, Tailwind, and code Playground

HTML

<ul class="box">
    <li class="submenu-active"><a href="#">Create Financial Year</a></li>
    <li ><a href="#">Select Financial Year</a></li>
    <li><a href="#">Account Master</a></li>
    <li><a href="#">Bank Account Master</a></li>
    <li><a href="#">Subscription Master</a></li>
    <li><a href="#">Subscription Fee Master</a></li>
    <li><a href="#">Member Master</a></li>                
    <li><a href="#">Membership Suspension</a></li>
 </ul>

CSS

li.submenu-active a {
    background: #df0000;
    color:#fff;
    display: block;
    
}

JavaScript

$(function() {

$('.box li').click(function(){
    $('.box li').removeClass('submenu-active');
    $(this).addClass('submenu-active');
});

});