Budget 2023 | PAN to be used as common identifier for digital systems

Vivad Se Vishwas scheme provides for settlement of disputed tax, interests, penalty or fees.

Updated - February 02, 2023 01:31 am IST

Published - February 01, 2023 10:41 pm IST - New Delhi

PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity. File

PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity. File | Photo Credit: The Hindu

Finance Minister Nirmala Sitharaman on Wednesday said Permanent Account Number (PAN) will be used for common identifier for all digital systems of specified government agencies.

The move would help in further promoting ease of doing business in the country.

PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity.

She also said that if MSMEs fail to execute contract, 95% 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% of the disputed tax and 25% of the disputed penalty or interest or fee.

She also said that Phase-III of e-courts will be launched.

State support mission of Niti Aayog will be continued for three years, the finance minister said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.