PAN Card latest news:The next Budget 2023 is expected to establish a legal and practical framework for the use of the permanent account number (PAN) as a single business identification. According to a senior finance ministry official, this will apply to all enterprises seeking permits.
According to the source, Budget 2023 would include a provision for integrating a person’s or entity’s PAN card with their many existing identifications in order to speed the procedure. (PAN Card latest news)
The change will assist investors because they will no longer have to fill out several forms of identification for the National Single Window System for project-related clearance and approvals.
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At the moment, nearly 20 different identifiers are in use at both the state and federal levels, including the Goods and Services Tax Identification Number (GSTIN), Taxpayer Identification Number, Tax Deduction Account Number, Employees’ Provident Fund Organisation, Corporate Identification Number, and so on. (PAN Card latest news)
According to a senior finance ministry official, an enabling provision or clause in the Finance Act of 2023 may be included to provide “legal backing” for PAN to be sued as the primary identification of a business. This change will make doing business easier.
Previously, one working group within the Ministry of Finance was led by an extra secretary (revenue).
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