PAN to be used as common identifier for all specified govt agencies: FM
1 February, 2023 | Pragati Singh
PAN is a 10-digit alphanumeric number assigned to a person, corporation, or entity by the income tax department.
Nirmala Sitharaman, Finance Minister, announced on Wednesday that the Permanent Account Number (PAN) will be utilised as an uniform identification for all digital systems of specified government entities. The measure would contribute to the country’s ease of doing business.
PAN is a 10-digit alphanumeric number assigned to a person, corporation, or entity by the income tax department. As part of the Vivad Se Vishwas initiative, she also stated that if MSMEs fail to execute contracts, 95% of performance security will be returned to small businesses.
The Vivad Se Vishwas programme allows for the settlement of disputed tax, interest, penalty, or fees in regard to an assessment or reassessment order in exchange for payment of 100% of the disputed tax and 25% of the disputed penalty, interest, or charge.
She also stated that Phase III of e-courts would begin. Niti Aayog’s state support mission would be extended for three years, according to the finance minister.