PAN Card To Be One ID For All Business Processes Know Details Of It

PAN Card as Single Business ID: Permanent Account Number ie PAN Card is a very important financial document which is used to meet almost every financial need. Now the government can take a big decision regarding PAN card. The government may recognize PAN card as a single business ID in Budget 2023. According to the news of Business Standard, the government can give recognition to PAN card as a single business ID in the budget 2023. Small businessmen will get the biggest benefit from this step of the government. With this, he will be able to save both his resources and time. The government wants to take this step because it will make it easier to start and operate a business in the country. Along with this, the compliance burden of the business will be reduced.

Finance minister can announce in budget 2023
Finance Minister Nirmala Sitharaman will present the budget in Parliament on February 1, 2023. According to media reports, the Finance Minister can announce Single Business ID in her budget speech. With this step of the government, the business man will be exempted from filling many types of ID details in the National Single Window System and the PAN card will act as a ‘one stop shop’.

Through this single ID, businessmen will be able to easily get the work done like license renewal and GST return filing done easily with this single ID. Let us tell you that PAN card is an alpha numeric number which is planned by the government to be used as a single business ID.

These IDs are used as Business ID
Let us tell you that apart from PAN card, a total of 13 IDs issued by the Central and State Governments are recognized as Business IDs. This ID is a total of 13 IDs including EPFO, GSTN, Income Tax Return Number, TAN Number. If the PAN card is recognized by the government as a single business ID, then you will not need all these IDs.

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