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.
While presenting of the Union Budget 2023, Mrs Sitharaman said, “A system of unified filing processes will be set up so that agencies can get data from a common portal as per the choice of those filing returns.”
The Finance Minister further 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. The scheme Vivad Se Vishwas 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.
In the Union Budget 2023 the Mrs Sitharaman also stressed that Aadhar and Digilocker will be used as common identifiers. The Income Tax department on December 24, 2022, also issued an advisory that those permanent account numbers which are not linked with Aadhaar by the end of March next year will be rendered “inoperative”.
The Permanent Account Number (PAN) will be used as a common business identifier for all digital systems of specified government agencies. This will facilitate ease of doing business and will be implemented with a legal mandate, Finance Minister Nirmala Sitharaman said.
N the Union Budget 2023 the Minister also highlighted that a national data governance policy would be brought out to unleash innovation and research by startups. “It will enable access to anonymous data. The KYC process will be simplified and will be adaptive to a sense of risk based, rather than one-size-fits-all. Financial sector regulators will also be encouraged to have KYC system fully amenable to the needs of Digital India”. The Budget also highlighted that an entity Digilocker will be set up for use by MSMEs, large businesses and also charitable trusts. “This will be towards storing and sharing documents online securely whenever needed with various authorities,” it said.
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