Check Purchase Turnover In GST Portal Of Gst Number refers to the total value of goods and services that a business buys from other suppliers during a specific time period.
In today’s business world, keeping track of your purchases and sales is crucial, and GST (Goods and Services Tax) has made it easier for businesses to manage their tax records. One of the most important things a business owner needs to monitor is the purchase turnover. This term refers to the total value of purchases made by your business during a given period, which is essential for calculating taxes and ensuring you are not overpaying or underpaying your dues. In this guide, we’ll show you how to check your purchase turnover in the GST portal using your GST number, step by step.
What is Purchase Turnover?
Before we dive into the steps, let’s first understand what purchase turnover means. Simply put, purchase turnover refers to the total value of goods and services that a business buys from other suppliers during a specific time period. This figure is essential for businesses because it determines the amount of input tax credit (ITC) they can claim under GST. When you buy goods or services from another business, the GST paid on those purchases can be used to reduce the amount of GST you owe.
Why Checking Purchase Turnover in the GST Portal is Important
Tracking your purchase turnover in the GST portal is important for several reasons:
Tax Calculation: Helps in calculating the taxes due to the government.
Input Tax Credit: Determines the input tax credit that can be claimed on purchases.
Compliance: Ensures your business remains compliant with GST laws and avoids penalties.
Audit Readiness: Makes it easier to prepare for any future audits.
Now, let’s move on to the steps you need to follow to check your purchase turnover using your GST number on the GST portal.
How to Check Purchase Turnover in the GST Portal Using GST Number
Step 1: Log in to the GST Portal
To begin, you need to access the official GST portal:
Go to www.gst.gov.in.
Click on Login at the top right corner.
Enter your GSTIN (GST Identification Number) and password to access your account.
Once logged in, you will be directed to your GST dashboard.
Step 2: Navigate to the Returns Dashboard
Now that you’re in the portal, follow these steps to find your purchase turnover:
On the dashboard, find the Returns tab and click on it.
Select Returns Dashboard from the drop-down menu.
In the Returns Dashboard, you can access different forms related to GST filing and purchase details.
Step 3: Open GSTR‑2A (Purchase Details)
Your purchase turnover is linked to the details found in GSTR-2A, which is a self-populated form. To check it:
In the Returns Dashboard, click on GSTR-2A.
The GSTR-2A will show you the details of your purchases and the GST paid on them.
Step 4: Review Your Purchase Turnover
In the GSTR-2A report, you’ll find a section that shows the total value of your purchases and the corresponding GST paid. The report will show:
Supplier GSTIN: The GST number of the supplier.
Invoice Number and Date: The date and number of the purchase invoice.
Total Purchase Value: The total value of goods or services purchased.
GST Amount: The GST paid on those purchases.
By reviewing these details, you can calculate your total purchase turnover. This is the sum of all your purchases over a specified period.
Step 5: Reconcile and Download the Report
Now that you’ve viewed your purchase turnover, it’s important to reconcile the data with the invoices you’ve received from your suppliers. Ensure that all the purchases are correctly listed and match the invoices. If there are discrepancies, you may need to contact your suppliers to correct their filings.
Once you’ve verified the details, you can download the report for your records:
Click on Download at the top of the GSTR-2A screen.
Choose your preferred format (PDF or Excel) to save the report.
Step 6: Calculate Input Tax Credit
Once you have your purchase turnover, you can calculate the input tax credit (ITC) you are eligible for. The ITC can be used to offset the GST you owe on sales, reducing your overall tax liability.
Purchase Turnover – Input Tax Credit: This will give you the GST amount that can be offset against the output tax payable.
Make sure the credit is claimed before filing your GSTR-3B.
Common Issues When Checking Purchase Turnover
While checking your purchase turnover in the GST portal, you may encounter a few issues. Here are some common ones:
Missing Purchases
Sometimes, the purchase turnover may not reflect all purchases due to delays in the supplier’s GST filings. If purchases are missing from your GSTR-2A, you should contact your suppliers to ensure their filings are up to date.
Incorrect GST Amounts
The GST amounts on your purchases may sometimes be incorrect. This can happen if there is an error in the supplier’s invoice or their GST return. You should contact your supplier to correct the mistake.
Late Updates
It can sometimes take time for updates to appear in your GSTR-2A after a supplier has filed their returns. Be sure to check back after a few days if you notice discrepancies.
Tips to Ensure Accurate Purchase Turnover Tracking
To make sure your purchase turnover is always accurate and up to date, here are a few tips:
Regularly Check Your GSTR-2A: Check it monthly or quarterly to stay on top of your purchases.
Reconcile Your Invoices: Make sure that all your supplier invoices are entered correctly in the portal.
Stay in Touch with Suppliers: Ensure that your suppliers are filing their returns on time.
Keep Records: Maintain a record of all your invoices and purchases for future reference and audits.
Conclusion
In conclusion, checking your purchase turnover on the GST portal is an essential task for any business owner. It helps you track your purchases, claim the input tax credit, and stay compliant with GST laws. By following the steps outlined above, you can easily find and verify your purchase turnover using your GST number. Remember to regularly check your GSTR-2A and reconcile your purchases to avoid errors and discrepancies.
With this simple guide, you are now equipped to check your purchase turnover with ease. Don’t forget to stay organized and maintain accurate records to make the process smoother and ensure your business stays on track with GST compliance.
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