A dealer came to me, he having wholesale business of fruits (banana) also registered with GST, his accountant file NIL GST return through out last financial year 2022-23, but in Bank Current Account total cash deposit during the last financial year is more than 1.72 Crore. Income tax return till not file – please advise what to do now ?
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GST RETURN NILL FILE BUT MORE THAN DEPOSIT IN BANK 1 CR
Replies (2)
Turnover from wholesale trade of banana is exempt under gst.
Can proceed to file ITR on basis of books of accounts. Also can opt for presumptive taxation, if books not maintained.
Can proceed to file ITR on basis of books of accounts. Also can opt for presumptive taxation, if books not maintained.
@ Ranjit,
Is nil GST means No tax liability or No Assessable value..??
Clear your query
Is nil GST means No tax liability or No Assessable value..??
Clear your query
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