Permanent Account Number (PAN) would be utilized as a common identity for all digital systems of specific government institutions, according to Finance Minister Nirmala Sitharaman’s statement on Wednesday, February 1. The action would aid in promoting the ease of doing business in the nation. The income tax agency assigns PANs, which are 10-digit alphanumeric numbers, to individuals, businesses, and other entities. She added that as part of the Vivad Se Vishwas program, small firms would receive 95% of the performance security if MSMEs failed to carry out their obligations under contracts.
By paying 100% of the contested tax and 25% of the disputed penalty, interest, or charge, the Vivad Se Vishwas program allows for the settlement of disputed tax, interests, penalty, or fees with respect to an assessment or reassessment order. She added that the third phase of e-courts would soon begin. According to the finance minister, Niti Aayog’s mission of state support will continue for another three years.
It should be noted that there are more than 13 different company identification numbers (IDs) that can be used to apply for different government clearances, including EPFO, ESIC, GSTN, TIN, TAN, and PAN.
The national single window system (NSWS) intends to lessen the burden of compliance, decrease project gestation periods, and improve the ease of starting and conducting business. It also reduces duplication of information submission to numerous ministries.
NSWS makes it possible for all connected states and central ministries to identify, apply for, and then track approvals.
The usage of a PAN number will help other application forms that are received in the system to populate automatically, which will speed up the approval process and entice more companies to apply on the system.
Currently, the system accepts requests for approvals from 26 central ministries and departments, including states, for 248 government-to-business clearances.
