Govt in Plan to Make PAN as BIN for Companies and Firms

BENGALURU: Now your permanent account number (PAN) will be your Business Identification Number (BIN) for organizations and firms. In order to bestow single-window clearance system and do away with a separate registration process, this new method is being taken up by the labour department. It implies for export and import business as well, reports Economic Times.

Presently, entities firstly requires a Company Identification Number (CIN) generated by the registrar of companies, followed by a PAN, issued by the income tax department and labour identification number. The matter was discussed by industrial policy and promotion secretary Amitabh Kant in a meeting last month. The same meeting declared PAN issued the Central Board of Direct Taxes (CBDT) to corporate entities as unique ID for registration along with all necessary government documents. This is expected to cut down the time for registration, one of the sources said.

The government is also in attempt to make eBiz issue unique ID applicable for all kinds of registrations. Though the eBiz project began as a one stop shop with all clearance of central, state and local authorities years ago, the end result it yet not out despite central government links.

The department of industrial policy and promotion (DIPP) is presently making a fresh bid to get all agencies and their service providers (the private sector IT companies such as Infosys and TCS) to work for the same project.

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