How PAN will be used as common ID for businesses

New Delhi, Feb 01: 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, as reported by PTI.

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 per cent 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 per cent of the disputed tax and 25 per cent 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.