Finance minister Nirmala Sitharaman on February 1, 2023, said the government will roll out a legal framework under which the PAN (permanent account number) would be made the single business identification number . While presenting the Budget 2023-24, the FM said the move will enable ease of doing business.
“For the business establishments required to have a Permanent
Account Number (PAN), the PAN will be used as the common identifier for
all digital systems of specified government agencies. This will bring ease of
doing business; and it will be facilitated through a legal mandate,” the FM said in her Budget Speech.
To that effect, an enabling clause may be inserted in the Finance Act, 2023, to offer PAN the legal backing as the primary identifier of business.
A recommendation to that effect was made to the government by a working group, headed by an additional secretary (revenue) under the finance ministry. The group submitted its report in December last year. The idea of a single identifier for businesses was first floated in October 2020 and backed at an inter-ministerial committee meeting headed by the finance secretary in July 2021.
As it stands now, businesses have nearly 20 identification verifiers at central and state level. These include Goods and Services Tax Number (GSTN), TAX Identification Number (TIN), Tax Deduction Account Number, Corporate Identification Number, etc. If the changes are made, PAN will act as the sole ID for business registrations, licencing, clearances, etc.
“Each state and central government body may be asked to update its system to ensure PAN is used as a common identification (ID) to access its services,” a media report had quoted an official as saying.
Housing News Desk is the news desk of leading online real estate portal, Housing.com. Housing News Desk focuses on a variety of topics such as real estate laws, taxes, current news, property trends, home loans, rentals, décor, green homes, home improvement, etc. The main objective of the news desk, is to cover the real estate sector from the perspective of providing information that is useful to the end-user.
Facebook: https://www.facebook.com/housing.com/
Twitter: https://twitter.com/Housing
Email: [email protected]
Related Posts
Govt may increase tax exemption limit to Rs 5 lakh: Report.
Launch SWAMIH-2 with wider scope: Naredco to FM.
11.3 cr farmers covered under PM Kisan in Apr-July: Economic Survey.
Union Budget 2022-23: Government banks on infrastructure development to boost economic growth.
Access to quality housing in India has improved: Economic Survey 2020-21.
Cabinet approves bill to set up Development Finance Institution.
