Can We Know The Turnover of Another Company from the GST Number: Who Access Turnover of Company?

When you’re diving into the world of business and trade, one of the first things you might want to know is how well a company is performing. We all get curious about a company’s turnover (the total revenue it generates) and financial health. But here’s the million-dollar question: Can you figure out a company’s turnover using its GST number? The short answer is: Not directly. But let’s explore this in a bit more detail to see what information is available and how you can use turnover of another company.

What Exactly is GST and Why Should You Care?

Before we start breaking down whether the GST number can reveal a company’s turnover, let’s take a quick crash course on GST (Goods and Services Tax). If you’re new to this, don’t worry — it’s not as scary as it sounds!

GST is a tax levied on the sale of goods and services. Every business that crosses a certain threshold turnover (basically, a revenue limit) has to register for GST. Once registered, the business gets a unique GST number. This number is like a secret code that identifies the business in the eyes of the tax department.

But can you know how much revenue the business makes based on this number? Let’s find out.

Can a GST Number Reveal a turnover of another company?

Okay, here’s the deal: No, you cannot directly find out a company’s turnover just by having its GST number. The GST number mainly helps identify whether a business is registered under the GST regime, and that’s pretty much it. It doesn’t disclose any detailed financials, like turnover or profits.

That said, there are a few indirect ways in which the GST number can give you some clues. Let’s break it down.

The GST Number: turnover of another company

While you can’t peek into a company’s exact turnover using its GST number, the number itself can tell you a lot about the size of the business. Here’s how:

1. GST Registration Type: Businesses with a higher turnover usually register for GST under different categories like regular or composition scheme.

   • Regular Registration: This is for businesses with a turnover over ₹20 lakh (₹10 lakh for some special categories). These companies are likely to be medium to large businesses.

   • Composition Scheme Registration: If a business has a lower turnover (under ₹1.5 crore), they might opt for this simpler registration. This could indicate that the company is small to medium-sized.

So, while you won’t get the exact turnover, you can make an educated guess based on the type of GST registration.

Can GST Returns Show turnover of another company Anything?

Okay, hold up. What if I told you that GST returns might give you a glimpse into a company’s turnover? Here’s the twist: Yes, but you’ll need to have access to those returns, and that’s not something you can easily get from just the GST number.

GST returns are filed regularly by businesses, detailing their sales, purchases, and taxes paid. These returns can give a picture of the business’s turnover. However, getting access to these returns typically requires official permissions or a very close connection with the business in question.

So, the key takeaway here is that while the GST number can help you find out if the company is GST-registered, getting detailed financials is a whole other ballgame.

How Can You Find Out a turnover of another company Then?

If you really want to know a company’s turnover, you’ll have to rely on some other methods. Here are a few approaches that can give you a clearer picture:

1. Company Financial Reports: Public companies (especially listed ones) often publish their annual reports. These documents usually contain detailed financial statements, including the turnover, profits, and more.

2. Business Directories and Market Research: Platforms like Dun & Bradstreet, or even business directories, can sometimes give insights into a company’s performance, including turnover. These are paid services, though, so keep that in mind.

3. Directly Asking the Company: If you have a legit reason (like potential business partnership or due diligence), you can always ask the company directly for financial information. Some companies are open about sharing their turnover, especially if you’re looking to do business with them.

What About GST Number Verification?

Now that we’ve talked about turnover, let’s quickly touch on GST number verification. In case you need to verify the validity of a GST number, there’s a government tool that lets you check if the GST number is registered and active. This won’t give you turnover details, but it’s useful for ensuring you’re dealing with a legitimate business.

To verify a GST number, you can visit the GST portal, enter the number, and see the registration status of the business. It’s like a quick background check on the company’s legal standing.

What Can You Learn from GST Information?

While you can’t dive deep into a company’s turnover just by looking at the GST number, there are still a few things you can learn:

1. GST Registration Status: Whether the company is registered or not.

2. GSTIN Details: The GSTIN (GST Identification Number) can tell you the state in which the company is registered and what kind of business they run.

3. Tax Payment History (With Authorization): In some cases, you might be able to request information about a company’s tax payments, which indirectly relates to its turnover.

While this doesn’t give you a straight answer, you can begin to piece together a picture of the company’s scale and operations.

Conclusion: turnover of another company

To sum it all up: No, you can’t know a company’s exact turnover just from the GST number. However, the number can give you some clues about the size and registration status of the business, which might help you estimate its turnover. If you’re serious about knowing a company’s financials, the best bet is to look for public reports, reach out directly, or use specialized market research services.

The GST number serves as an identifier, but it’s not a crystal ball for a company’s finances. Keep this in mind as you navigate through the business world!