Budget 2023: FM says PAN card to be single common identifier for financial transactions
By Sunita Iyer | First Published Feb 1, 2023, 12:01 PM ISTIn the Union Budget 2023 presentation at the Parliament on Wednesday, Union Finance Minister Nirmala Sitharaman announced that Permanent Account Number (PAN) card can be a single common identifier for digital transactions.
Finance Minister Nirmala Sitharaman on Wednesday said Permanent Account Number (PAN) will be used for common identifier for all digital systems of specified government agencies. The move would help in further promoting ease of doing business in the country.
PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity. Several identifiers are currently in use at the federal and state levels, including the Employees' Provident Fund Organization (EPFO), the Goods and Services Tax Identification Number (GSTIN), the Taxpayer Identification Number (TIN), the Tax Deduction Account Number (TDA), and the Corporate Identification Number (CIN).
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PAN is anticipated to replace SSN as the primary identity of any company under the new policy. This will make it possible for clearance, registration, and permit application procedures to be made simpler.
She also said that if MSMEs fail to execute contract, 95 per cent of performance security will be returned to small business as part of Vivad Se Vishwas scheme.
Vivad Se Vishwas scheme provides for 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.
State support mission of Niti Aayog will be continued for three years, the finance minister said.
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