Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Budget / News/  Budget 2023: How PAN as a common identifier simplify access to govt systems?
BackBack

Budget 2023: How PAN as a common identifier simplify access to govt systems?

Nirmala Sitharaman stated that the PAN would be utilised as an universal identifier for all digital systems of the designated government entities while presenting the Union Budget 2023. This will make doing business easier and be put into effect under legal authority.

PAN usage will help meet 2 requirements to increase the PAN base while simplifying access to government systems. For it to be successful last mile players helping get PAN numbers will be critical (PTI)Premium
PAN usage will help meet 2 requirements to increase the PAN base while simplifying access to government systems. For it to be successful last mile players helping get PAN numbers will be critical (PTI)

Nirmala Sitharaman stated that the PAN would be utilised as an universal identifier for all digital systems of the designated government entities while presenting the Union Budget 2023. This will make doing business easier and be put into effect under legal authority.

Shravan Shetty, Managing Director, Primus Partners said “PAN usage will help meet 2 requirements to increase the PAN base while simplifying access to government systems. For it to be successful last mile players helping get PAN numbers will be critical."

Adarsh Sharma, Managing Director, Primus Partners said “The biggest benefit of the national single window system using PAN as common identifier will be reducing duplicity of information submission to different ministries, reduce compliance burden, cut gestation period of projects, and promote ease of starting and doing business."

Utkarsh Sinha managing director Bexley advisors a boutique investment bank firm said “Uniform data management and centralized consent-based data management, using DigiLocker and Aadhaar and PAN-based cross-agency submission and filing would be a game changer for ease of doing business and provides a lot of opportunity for tech players to design solutions that are universal and easy to use."

“India’s open source and public-utility FinTech infrastructure is globally best-in-class; further expanding the scope of DigiLocker documents and their applicability and utility would go on to further strengthen the usage of and applications built atop this infrastructure," said Utkarsh Sinha.

Manoj Purohit, Partner & Leader – Financial Services Tax, BDO India said "PAN will be a common business identifier. This will reduce multiple requirements of KYC and will give a breather to entities by reducing the compliance burden. This is a step towards furtherance of ease of operations in India’.

AMIT GANATRA, Partner - Tax and Regulatory Services, BDO India said “In a progressive move, the FM has announced that PAN would be used as a common identifier for all digital systems of specified Government agencies. This is expected to hasten the KYC process, faster registrations and clearances for businesses since the basic data is already authenticated once at the time of allotment of PAN."

Mr Ashwin Chawwla, Founder & Managing Director, Escrowpay said “The Government of India has proposed the use of Aadhaar-based Unique Identity Number (UID/UAN) as a common identifier for all digital systems of specified government agencies. This would enable the government to identify individuals across different agencies without having to maintain separate records for each agency. PAN will be the sole identifier and would help in stopping multiple submissions for MSMEs. The UID/UAN will be used to securely store and access personal information of citizens, and to facilitate access to government services. Additionally, it will also enable the government to better track the usage of public services, improve public service delivery, and reduce fraud and corruption."

Prakhar Pandey, Founder and CEO, Moolaah said “PAN identifier as one unified system is part of the government's efforts to boost ease of business, as applications and proposals typically require a number of approvals and clearances across various states and government departments. With this, the lead time for approvals can be reduced by almost 50%."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 01 Feb 2023, 12:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App