A 10-digit perpetual account number, commonly known as a PAN, will be used as a common business identifier, Finance Minister Nirmala Sitharaman announced in her Budget speech in a move. large enough to facilitate business operations.
A PAN is allocated by the income tax department to a person, company or organization.
The minister added that, on the need to submit the same information separately to different government agencies, a system of ‘Unified Application Process’ will be established.
“Simplified submissions or returns on a common portal will be shared with other agencies of the applicant’s choice,” she said.
Nirmala Sitharaman said that in presenting her fifth consecutive budget, more than 39,000 compliance regulations have been reduced and more than 3,400 legal regulations have been legalized to enhance ease of doing business.
The minister said the government will introduce a national Data Governance policy, which will simplify the KYC process while anonymizing personal data.
She also said that if MSMEs fail to fulfill the contract, 95% of the performance guarantee will be returned to the small business as part of the Vivad Se Vishwas program.
The Vivad Se Vishwas program provides for the resolution of disputed taxes, interest, penalties or fees related to an assessment or reassessment order for the payment of 100% of the disputed tax and 25% of the penalty. or disputed interest or fees.
The minister said phase III of the e-court will be implemented.