PAN to be used as a common identifier for companies and businesses

Finance Minister Nirmala Sitharaman said on Wednesday that the Permanent Account Number (PAN) will be used as a common identifier in the digital systems of all certain government agencies.

PTI reported that the move would further facilitate ease of doing business in the country.

PAN is a 10-digit alphanumeric number issued by the Income Tax Department to an individual, company or legal entity.

He also said that if the SMEs fail to implement the contract, 95 percent of the performance bond will be returned to the SMEs under the Vivad Se Vishwas program.

Vivad Se Vishwas provides for payment of disputed tax, interest, penalty or tax by order or recalculation of 100 percent of the disputed tax and 25 percent of the disputed penalty or interest or tax.

He also said that the Phase III of e-Courts will be launched. The State Aid Mission of Niti Aayog will last for three years, the Finance Minister said.