The 10-digit Permanent Account Number, popularly known as PAN, will be used as a common business identifier, announced Finance Minister Nirmala Sitharaman in her Budget speech in a big move for ease of doing business.
PAN is allotted by the income tax department to a person, firm or entity.
On the need for separate submission of same information to different government agencies, a system of ‘Unified Filing Process’ will be set-up, the Minister added.
“Such filing of information or return in simplified forms on a common portal will be shared with other agencies as per filer’s choice,” she said.
More than 39,000 compliances have been reduced and over 3,400 legal provisions decriminalised to enhancing ease of doing business, Nirmala Sitharaman said presenting her fifth consecutive budget.
The government will bring a National Data Governance policy, which will simplify the KYC process while anonymising individual data, said the Minister
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.
The Phase-III of e-courts will be launched, said the Minister.
