The Union Budget 2023-24 is likely to roll out the legal and operational framework for adopting the permanent account number (PAN) as a single business identification, news daily Business Standard reported.
According to the report, this will apply to all businesses securing approvals. The provision will ensure the mapping of PAN of an entity with multiple existing identifications.
With this move, investors may soon no longer have to fill multiple identifications details for accessing the National Single Window System (NSWS) for project-related clearances and approvals.
Last year, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal had said PAN number is likely to be used as a unique identifier for API integration of data between ministries and states for ensuring single business user ID. NSWS also helps in reducing data duplication and filling same data in various forms using auto-population module, he had said.
NSWS is an ambitious initiative of the government which promises to be the gamechanger for increasing investments and reducing compliance burden in the country.
The system would lead to convergence of all Ministries/ Department and States/ UTs through the ‘whole of Government approach’.
PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. It is issued in the form of a laminated plastic card as given below (commonly known as PAN card).
PAN enables IT department to identify/ link all transactions of the PAN holder with the department.
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