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Budget 2023: PAN to be used as single business ID for all digital systems

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Budget 2023: PAN to be used as single business ID for all digital systems

Following its adaption, businesses will be able to use PAN without the requirement of any other data as a unique identifier for getting access to national single window system

FP Staff Last Updated:February 01, 2023 12:54:32 IST Budget 2023: PAN to be used as single business ID for all digital systems

Representative image. PTI

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said Permanent Account Number (PAN) will be used as a common identifier for all digital systems of specified government agencies.

The move would help in further promoting ease of doing business in the country.

Following its adaption, businesses will be able to use PAN without the requirement of any other data as a unique identifier for getting access to the national single window system.

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Currently, over 13 business IDs like EPFO, ESIC, GSTN, TIN, TAN and PAN are used to apply for various government approvals.

According to Moneycontrol, the new system will help investors to save the time and effort that is required to fill in multiple identification details for accessing the National Single Window System.

PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity.

She also said that if MSMEs fail to execute contracts, 95 per cent of performance security will be returned to a small business as part of Vivad Se Vishwas scheme.

Vivad Se Vishwas scheme provides for the settlement of disputed tax, interests, penalty or fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.

She also said that Phase-III of e-courts will be launched.

The state support mission of Niti Aayog will be continued for three years, the finance minister said.

This year’s budget session is going to have 27 sittings till 6 April with a month-long recess to examine the budget papers. The first part of the session will conclude on 13 February. Parliament will reconvene on 12 March for the second part of the Budget Session and conclude on 6 April.

The Union Finance Minister, Nirmala Sitharaman on Tuesday tabled the Economic Survey for the Financial Year 2022-23.

The Economic Survey said that India’s economic recovery from the COVID-19 pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22.

With inputs from PTI

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