GST RETURN NILL FILE BUT MORE THAN DEPOSIT IN BANK 1 CR

A fruit wholesale dealer filed NIL GST returns for FY 2022-23, despite depositing over ₹1.72 crore in their bank account. While banana wholesale is GST exempt, this significant bank activity requires attention. The advice is to proceed with filing Income Tax Returns based on account books or opt for presumptive taxation if books aren't maintained. Clarification is sought on whether 'NIL GST' means no tax liability or no assessable value.