PAN as single business ID set to get legal backing in Budget 2023-24

The provision will also ensure the mapping of PAN of an entity with multiple existing identifications. Accordingly, it will be notified under various central and state legislations

The Union Budget 2023-24 is likely to roll out the legal and operational framework for adopting the permanent account number (PAN) as a single business identification. This will apply to all businesses securing approvals, a senior finance ministry official informed Business Standard.
 

According to the official, an enabling provision or clause may be introduced in the Finance Act, 2023, ensuring the “legal backing” for PAN is used as the primary identifier of an entity.
 

The provision will also ensure the mapping of PAN of an entity with multiple existing identifications. Accordingly, it will