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On Monday, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 project of the Income Tax Department.
The project, with a budget of Rs 1,435 crore, is likely to overhaul the existing PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) services, aiming to provide a seamless, technology-driven experience for taxpayers across the country.
The PAN 2.0 project is designed to transform the taxpayer registration process, making it more efficient, user-friendly, and secure.
PAN 2.0 Key Benefits
Key benefits include faster service delivery, enhanced data consistency, eco-friendly practices, and cost optimization. It also focuses on improving infrastructure security and increasing operational agility for better service delivery.
According to a cabinet communique, “It is an e-governance project for re-engineering the business processes of taxpayer registration services through technology-driven transformation of PAN/TAN services for enhanced digital experience of the taxpayers.”
The e-governance initiative aims to revamp taxpayer registration processes by leveraging technology to transform PAN/TAN services, enhancing the digital experience for taxpayers.
The CCEA further asserted, “The PAN 2.0 project resonates with the vision of the government enshrined in Digital India by enabling the use of PAN as a common identifier for all digital systems of specified government agencies.”
Meanwhile, the Income Tax Department anticipates exceeding its direct tax collection goal of Rs 22.07 lakh crore set in the Union Budget for this fiscal year.
As of 10 November, India’s direct tax receipts, which include corporate tax and personal income tax, surged by a solid 15.4%, reaching Rs 12.1 lakh crore since the beginning of the financial year, based on the latest data from the Central Board of Direct Taxes (CBDT).
The government’s fiscal target of Rs 22.07 lakh crore consists of Rs 10.20 lakh crore from corporate tax, and Rs 11.87 lakh crore from personal income tax, non-corporate taxes, and other levies.
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