Dear Clients,

New TDS provision is applicable as under

For entities having turnover > 10 crores below-mention steps to comply

Step1. Cross-check with customers to whom sales are> 50 lacs about their TDS obligation

• TDS is first to be deducted by a buyer who is having turnover > 10 crores, and who purchases from us annually > 50 lacs

• If the buyer is not liable because his business is < 10 crores, in that case, TCS should continue to be charged on the invoice as last year

Step2. Inform Suppliers from whom we purchase > 50 lacs about TDS obligation

• If our turnover > 10 crores and purchase from the supplier is > 50 lacs annually, TDS is required to be deducted @ 0.1% (with PAN)

• PAN number can be checked from GST number as middle digits are derived from PAN

For all the entities

Step3. Ensure Customers have PAN and regular filer of the return

• Reporting portal for compliance checking of return filers is live from today where one can easily enter PAN number and get the details
• Attaching a document for the procedure of the same –Compliance Check for Section 206AB & 206CCA – QRG

Since we were anticipating that the portal will be live from today for checking the compliance and to avoid the administrative hassle we have not asked for the declaration.