Purchased Ringtone from Itunes Store not visible in purchased.

Hi saksham227,

welcome to the Apple (user-to-user) Community!

Re: Purchased Ringtone from Itunes Store not visible in purchased

You may be able to use the ringtone, by changing the ringtone used:

1. Go to Settings > Sounds & Haptics.
2. Under Sounds and Haptic Patterns, tap the sound that you want to change.
3. Tap a ringtone or alert tone to hear it and set it as the new sound.

See if your newly purchased ringtone is available to you there.

Also: Apple supports online article: Use tones and ringtones with your iPhone or iPad - Apple Support

says, if needed, you can:

"Redownload ringtones purchased with your Apple ID

1. Go to Settings > Sounds & Haptics.
2. Under Sounds and Haptic Patterns, tap any sound.
3. Tap Download All Purchased Tones. You might not see this option if you already downloaded all the tones that you purchased or if you haven't purchased any tones."

All the best :-)