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Cabinet Approves PAN 2.0

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Cabinet Approves PAN 2.0: All You Need To Know

PAN 2.0 is an upgraded version of the current system, using technology to make registration easier and more accessible for taxpayers.
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The Union Cabinet has greenlit the PAN 2.0 Project, a significant upgrade to the existing Permanent Account Number (PAN) system, aiming to improve taxpayer services and streamline business operations.

What is PAN 2.0?

PAN 2.0 is an advanced version of the current PAN system, using technology to make registration easier and more accessible for taxpayers. The project, with a budget of ₹ 1,435 crore, will revamp the digital infrastructure of the Income Tax Department to provide a seamless experience for individuals and businesses.


Features of PAN 2.0

  • PAN cards will now feature an embedded QR code for enhanced functionality and security.
  • PAN will be a universal identifier for businesses across specified government digital systems.
  • The project will re-engineer taxpayer registration processes and consolidate PAN/TAN services into a unified platform.
  • The project focuses on being eco-friendly, cost-efficient, secure, and fast.
Benefits for users

  • Taxpayer registration services will become faster and more user-friendly.
  • Existing PAN holders can upgrade to PAN 2.0 at no additional cost.
  • A unified system will improve service delivery and ensure data consistency.
Do I need to apply for a new PAN card?

No, you need not apply for a new PAN card. Under the PAN 2.0 initiative, your existing PAN card will remain valid, and the upgrades, including the QR code feature, will be made available without any action from current cardholders.

Significance for businesses

By making PAN a common identifier, the project aligns with the government's Digital India vision. Businesses can leverage this universal identifier to streamline interactions with government agencies, ensuring smoother compliance and operations.

Scope

So far, 78 crore PAN cards have been issued, with 98 per cent belonging to individuals. PAN 2.0 will consolidate the existing ecosystem and introduce efficient, eco-friendly processes for all users.
 
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SSV said:
www.ndtv.com

Cabinet Approves PAN 2.0: All You Need To Know

PAN 2.0 is an upgraded version of the current system, using technology to make registration easier and more accessible for taxpayers.
www.ndtv.com www.ndtv.com

The Union Cabinet has greenlit the PAN 2.0 Project, a significant upgrade to the existing Permanent Account Number (PAN) system, aiming to improve taxpayer services and streamline business operations.

What is PAN 2.0?

PAN 2.0 is an advanced version of the current PAN system, using technology to make registration easier and more accessible for taxpayers. The project, with a budget of ₹ 1,435 crore, will revamp the digital infrastructure of the Income Tax Department to provide a seamless experience for individuals and businesses.


Features of PAN 2.0

  • PAN cards will now feature an embedded QR code for enhanced functionality and security.
  • PAN will be a universal identifier for businesses across specified government digital systems.
  • The project will re-engineer taxpayer registration processes and consolidate PAN/TAN services into a unified platform.
  • The project focuses on being eco-friendly, cost-efficient, secure, and fast.
Benefits for users

  • Taxpayer registration services will become faster and more user-friendly.
  • Existing PAN holders can upgrade to PAN 2.0 at no additional cost.
  • A unified system will improve service delivery and ensure data consistency.
Do I need to apply for a new PAN card?

No, you need not apply for a new PAN card. Under the PAN 2.0 initiative, your existing PAN card will remain valid, and the upgrades, including the QR code feature, will be made available without any action from current cardholders.

Significance for businesses

By making PAN a common identifier, the project aligns with the government's Digital India vision. Businesses can leverage this universal identifier to streamline interactions with government agencies, ensuring smoother compliance and operations.

Scope

Post a commentSo far, 78 crore PAN cards have been issued, with 98 per cent belonging to individuals. PAN 2.0 will consolidate the existing ecosystem and introduce efficient, eco-friendly processes for all users.
Click to expand...
I already have my PAN card with QR code, got it in 2021. What's the update they are doing now?
 
BVC said:
I already have my PAN card with QR code, got it in 2021. What's the update they are doing now?
Click to expand...
Lets wait for sometime , more details will emerge .. until then see this statement:


The project, with a budget of ₹ 1,435 crore, will revamp the digital infrastructure of the Income Tax Department to provide a seamless experience for individuals and businesses.
 
PAN QR reminds me of @Pankhuri
Think Minnie Mouse GIF
 
SSV said:
They are saying eco - friendly.. may be meaning .. virtual PAN will alos be valid....
Click to expand...
Let's wait and watch.
SSV said:
Lets wait for sometime , more details will emerge .. until then see this statement:


The project, with a budget of ₹ 1,435 crore, will revamp the digital infrastructure of the Income Tax Department to provide a seamless experience for individuals and businesses.
Click to expand...
Hope they don't mess up and create some good infrastructure.
 
BVC said:
Let's wait and watch.

Hope they don't mess up and create some good infrastructure.
Click to expand...
I am reasonably confident that they are now mature enough to implement good digital systems , after going thru ups and downs in implmenting UPI, Aadhar , new tax portal etc.
I am sure they must have learnt heaps..
Going into 2030 , you will see a very different INDIA when compared to our childhoods ... most of the things will be digital
all the best guys !!
 
While they are saying QR code, it is more to do with empowering the security features and upgrading the infrastructure to be capable of maintaining more information through PAN which otherwise today is held by multiple systems in the market like UDYAM, LEI and so on.
 
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I already have PAN with QR from many years...just a marketing exercise....till govt cant control cash transactions, all this pan 2.0, 3.0, 4.0 etc will only screw salaried and middle class further...

Black money hoarders give a shit to 2.0 or 3.0

Get ready for income tax 2.0 i.e. double income tax
 
manojsurya99 said:
While they are saying QR code, it is more to do with empowering the security features and upgrading the infrastructure to be capable of maintaining more information through PAN which otherwise today is held by multiple systems in the market like UDYAM, LEI and so on.
Click to expand...
It is big joke...there are 40 cr household in india and only 3 cr pay tax...assuming 30% bpl....rest 24 cr kya hawa khake zinda hain
 
sunit123 said:
It is big joke...there are 40 cr household in india and only 3 cr pay tax...assuming 30% bpl....rest 24 cr kya hawa khake zinda hain
Click to expand...
Today, Government invests in Digital Public Infrastructure alot as there is so much untapped potential in the market. And the reason is as follows:
a. If I ask anyone how much does a Reliance or Tata earns, anyone can say the answer because it is publicly available. Financial Institutions are ready to give Fat cheques to such companies, if they want.
b. Like wise, if I ask the question about MSMEs in India, do you think 5% of Indians have an answer?
FYI, Govt of India doesn't know how many GSTs are really active as of now (Because there are huge number of bogus companies that have come up to get input tax credit and other benefits through loop holes).
c. Now think of street vendors business. There is a rumour that India's street side vendors does business much more than the market cap of CNX NIFTY and BSE.

In India, off late credit is sought by or given to companies who can show sure shot earns to repay. Hence knowing or understanding the economic activity is very very important, which is the reason why there is a department in the Government called Ministry of Statistics. They spend much more than this 1500 Cr. to give indices like IIP, CPI, WPI and so on. And still in India, it is easy to fake the documentation and get lending products.
This is just one step to curb that fraud. And it should be welcomed.
I'm still waiting for more details to understand the merits of the Project but currently happy and believe that it will work towards digitally fraud-free India in future (May be by 2050 or 2060).
 
SSV said:
78 crore PAN cards have been issued, with 98 per cent belonging to individuals. PAN 2.0 will consolidate the existing ecosystem and introduce efficient, eco-friendly processes for all users.
Click to expand...
🙁 And this is why my taxes keep going up and up every year...instead of all these bullshit projects why doesnt someone try and curtail tax evasion to ease the unfair(imo?) tax burden distribution
 
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