PAN 2.0: In recent days, there have been ongoing updates emerging about PAN. Lately, the Government of India has launched PAN 2.0. In this scenario, numerous questions might arise in your mind regarding the reason for introducing PAN 2.0. Ultimately, how will it simplify the tasks of both the average person and the government?
Why government has decided to introduce PAN 2.0?
It is evident that with the launch of PAN 2.0, the government aims to create a multi-functional tool. In the current age, an individual has numerous registrations. These comprise PAN, GSTIN, EPFO number, etc. Each of them has a unique number. It is challenging to monitor all these figures. Thus, a shared identification number is required. The government has recognized this. Following this, a decision has been made to establish PAN 2.0 as a universal identification number.
Government is viewing this as a significant move
The need for a universal identification number had been ongoing for a significant period. In this context, the government is viewing this as a significant move. PAN will now act as a universal identity, removing the necessity of recalling various IDs. Taxpayers and companies will gain advantages since PAN will be utilized for GST submissions, company registration, and income tax services. This will streamline business activities since PAN 2.0 will remove the requirement for additional identification numbers such as TAN.
PAN will be connected to systems such as Aadhaar and GSTN
In addition to this, PAN will be connected to systems such as Aadhaar and GSTN, which will accelerate procedures like refund, approval, and filing. All services accessible from one portal, meaning there will no longer be a need to visit three separate portals (e-Filing Portal, UTIITSL Portal, and Protean e-Gov Portal). This system will enhance safety. Improved steps will be implemented to safeguard personal information.