Budget 2023: The Permanent Account Number may soon become the only identification requirement for businesses. And this move could be announced in the upcoming budget.
Currently, over a dozen different business IDs like EPFO, ESIC, GSTN, TIN, TAN and PAN are being used for seeking various approvals, depending on the nature of the clearances being sought.
A Business Standard article quotes a senior finance ministry official who said that an enabling clause of provision may be introduced in the Finance Act to give legal back for the PAN card to be used as the main business identification.
Earlier, Commerce and industry minister Piyush Goyal said the government was considering the use of the PAN card as a single-point identifier to facilitate expeditious regulatory approvals to new investment proposals under the single window.