In the Budget 2023 presentation at the Parliament on Wednesday, Union Finance Minister Nirmala Sitharaman announced that Permanent Account Number (PAN) card can be a single common identifier for digital transactions.
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It is expected that a single common identifier in the form of PAN will make simplify procedures for investors. At present, there are multiple identifiers used at the Centre and state levels such as Goods and Services Tax Identification Number (GSTIN), Taxpayer Identification Number (TIN), Tax Deduction Account Number (TDA), Employees' Provident Fund Organization (EPFO), Corporate Identification Number (CIN).
Under the new move, PAN is likely to become the principal identity of any entity. This will enable simpler processes for applying for clearances, registrations and permits.