NSWS: PAN to become Single ID for Approval of Businesses PAN India
The Permanent Account Number will shortly become the sole identification for seeking approvals and clearances from the Central and State departments in the country. Speaking about the new move, Piyush Goyal said, the Centre is planning to allow businesses to use the PAN instead of other data as a unique identifier for entering into the National Single Window System (NSWS) for such approvals.
He also said, “We are moving towards using one of the existing databases as the entry point, which is already available with the government…and most probably that will be the PAN number. So, with the PAN, a lot of the basic data about the company, its directors, addresses, and a lot of common data is already available in the PAN database,”
This new system also promises that filling PAN number will auto-populate the required forms and current figures will need to be entered. ‘Beta testing for the portal National Single Window System has an efficiency rate of 99.3% .’ said Piyush Goyal.
Bottomline:
NSWS’s move to making PAN a single ID for businesses is a boon to business entrepreneurs and investors. This ambitious project is a game-changer for increasing investments across all sectors and reducing compliance hassles in the country.