Hello Boomika,
The answer to your question depends totally on the degree you wish to do, the entrance exams that you need to sit in order for getting into the university of interest and even your preparations for the exam.
For instance, if you want to do a BTech degree for engineering, then you need to sit for JEE Mains or any other entrance exam provided by the various universities all over India- such as KIIT, VIT, SRM, BITS PILANI, etc. But if you feel you need one more year for preparation or deciding what you wish to do, then feel free to take a year drop. There are no rules stating that you have to do a degree after 12th class immediately.
Hope this helps.
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