Budget 2023: PAN card gets legal backing as single business ID
It will allow businesses to use PAN to enter into national single window system to seek different clearances and approvals of the central and state departments.
The Union Budget 2023-24 has announced the legalisation of the permanent account number (PAN) as a single business identification. The Finance Act, 2023 has an enabling provision or clause that will provide legal backing for PAN to be used as the principal identity of an entity.
The move is to allow businesses to use PAN instead of other data as a unique identifier for entering into national single window system to seek different clearances and approvals of the central and state departments.
PAN is a 10-digit unique alphanumeric number issued by the Income Tax Department. PAN enables the IT department to identify/link all transactions of the PAN holder with the department.
At present there are over 13 different business IDs, including EPFO, ESIC, GSTN, TIN, TAN and PAN, which are used to apply for various government approvals.
This will apply to all businesses securing approvals, the report further adds.
The new provision will help investors save a lot of effort as they will no longer have to fill in multiple identification details ― there are 20 different IDs including GSTIN, TIN, and EPFO ― for accessing the National Single Window System (NSWS) for project-related clearances and approvals.
The move is aimed at simplifying the process of starting and running a business and to reduce the compliance burden on companies.
News Source Link
#modernbusinessnetwork #modernbusinessindia #modernglobalnews #modernglobalbusiness #modernbusinessaward #Enterpreneurship #Startup #Enterpreneurlife #Smallbusinessowner #Sales #smallbusiness #supportsmallbusiness #handmade #shoplocal #shopsmall #investing #wealth #money