India Budget 2023: Centre to make PAN common business identifier
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New Delhi: The Central government has decided to make the Permanent Account Number (PAN) a single business identifier for all digital systems of all specified departments of the government.
Presenting the Union Budget 2023 in Parliament, Finance Minister Nirmala Sitharaman said that using PAN could ease businesses' compliance burden.
Information and documents related to the businesses and services can be passed to all the departments in the system by the unique identifier PAN that enables the auto fetching of information.
The Finance Minister said that the integrated system of the PAN will ease the burden of a user who may have, otherwise, to submit documents repeatedly on demands from the central and state-level departments. It will also ensure the authenticity of the same and lead to quicker processing of requests, Nirmala Sitharaman said.
Moreover, the Finance Minister also announced that more than 39,000 compliances had been reduced and 3,400 plus legal proceedings have been decriminalised to enhance the ease of business.