Current Affairs Classes Pre cum Mains 2025, Batch Starts: 11th September 2024 Click Here for more information
Source: The post is based on the article “PAN to be used as common identifier for digital systems” published in The Hindu on 2nd February 2023.
What is the News?
The Finance Minister has said that the Permanent Account Number(PAN) would be used as a common identifier for all digital systems of specified government agencies.
What is PAN?
PAN is a 10-digit alphanumeric number allotted by the Income Tax department to a person, firm or entity.
PAN will be made as a single business identifier for all digital systems of all specified departments of the government. This is expected to ease the compliance burden of businesses.
Significance: An integrated system at the central and state level departments will provide relief to the user from repeated submission of documents, ensure the authenticity of the same and lead to quicker processing of requests.
What is the 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% of the disputed tax and 25% of the disputed penalty or interest or fee.
The Finance Minister announced that if MSMEs (micro, small and medium enterprises) failed to execute contracts, 95% of performance security would be returned to a small business as part of ‘Vivad Se Vishwas’ scheme.
