If you’re a business owner or someone who deals with goods and services tax (GST), it’s important to keep track of your purchases and sales. The GST portal is a key tool that helps you manage your GST-related tasks efficiently. In this blog, we’ll take you through the simple steps to check your purchase input on the GST portal, ensuring that you stay compliant with GST regulations.
What is Purchase Input in GST?
Before we dive into the how-to, let’s quickly clarify what purchase input means in the context of GST. Purchase input refers to the tax paid on purchases that can be claimed as input tax credit (ITC). ITC is the credit you get for the tax paid on purchases, which you can use to reduce the tax payable on your sales. This helps reduce the overall tax burden on your business.
Why Is It Important to Check Purchase Input?
Regularly checking your purchase input is crucial for maintaining accurate records and claiming the correct input tax credit. When you check your purchase input, you’re ensuring that the information on the GST portal matches the details on your invoices, preventing any errors during filing. Additionally, proper tracking of purchase input guarantees that you’re not overpaying on taxes and helps avoid penalties.
How to Check Your Purchase Input on the GST Portal
Now that we understand the importance, let’s go step by step through the process of checking purchase input on the GST portal.
Step 1: Log in to the GST Portal
The first thing you need to do is log in to the GST portal. To do this, follow these steps:
Open your browser and go to the official GST portal: www.gst.gov.in.
Click on the “Login” button on the top right corner of the page.
Enter your GSTIN (GST Identification Number) and Password.
Click “Login” to access your GST dashboard.
Once logged in, you’ll have access to your business’s GST-related data, including your purchase input details.
Step 2: Navigate to the ‘Returns’ Section
After logging in, the next step is to navigate to the ‘Returns’ section. This section contains all the details about your tax returns, including purchase inputs.
On the dashboard, look for the ‘Services’ menu.
From the dropdown, select ‘Returns’ and then click on ‘Track Return Status’ or ‘GSTR-2A’.
GSTR-2A is an auto-populated form that contains details about the input tax credit claimed on your purchases.
Step 3: Select the Appropriate Period
Now, you need to choose the tax period for which you want to check your purchase input details.
Click on ‘GSTR-2A’.
Select the month and year you want to review.
Once the period is selected, the portal will show the purchase input details for that particular period.
Step 4: View the Purchase Input Details
Once you’ve selected the period, the GST portal will display all your purchases, including the input tax credits for each one. You’ll be able to see:
The name of the supplier
The invoice number and date
The total amount of tax paid
The eligible input tax credit
At this point, you can verify the accuracy of the purchase input by cross-checking it with your purchase invoices. If there are discrepancies, you can take appropriate steps to rectify them.
Step 5: Download or Export the Report (Optional)
If you need to keep a record or share the details with your accountant, you can easily download or export the report. The GST portal allows you to download the GSTR-2A report in formats like PDF or Excel.
Look for the ‘Download’ option on the screen.
Select the format in which you want the report (PDF or Excel).
Click ‘Download’ to save the file to your computer.
Having this report can help you review your purchase inputs in detail and keep them organized for future reference.
Common Mistakes to Avoid While Checking Purchase Input
While the process of checking your purchase input is straightforward, there are a few common mistakes that you should be aware of:
Ignoring Invoices from Small Suppliers: Sometimes, small suppliers may fail to upload their invoice details on the GST portal. Always verify your purchase invoices to ensure all of them are accounted for.
Delayed Data Upload: It may take a few days for some suppliers to upload their purchase details on the portal. So, be patient and check back after a few days if you don’t see a particular invoice listed.
Mismatch in Details: Always cross-check the GSTIN and the invoice details. If the supplier’s GSTIN doesn’t match, the input credit might not be available.
Benefits of Checking Purchase Input Regularly
Now that you know how to check your purchase input, let’s highlight the benefits of doing this regularly:
Accuracy: By reviewing your purchase inputs, you ensure that your tax returns are accurate, which reduces the chances of errors.
Compliance: Regular checks ensure you stay compliant with GST regulations and avoid penalties for incorrect tax filings.
Maximized Input Credit: Checking your purchase inputs regularly helps you claim the maximum input tax credit available, which lowers your overall tax liability.
Financial Planning: Keeping track of your inputs helps with better financial planning and budgeting for your business.
Conclusion
In conclusion, checking your purchase input on the GST portal is a simple yet crucial task for every business owner. By following the steps outlined above, you can easily verify and manage your input tax credits. Regular checks will not only keep you compliant with GST laws but also help you avoid errors and maximize the tax benefits available to you.
Our other related articles
1.Who is responsible for uploading purchase invoices on the GST portal?
2.Who verifies the purchase input data on the GST portal?
3.What is the process to check purchase inputs on the GST portal?
4.What actions can be taken on purchase invoices in the GST portal?
5.Why is it important to check purchase inputs on the GST portal?
