The Cabinet Committee on Economic Affairs (CCEA) approved the PAN 2.0 project of the income tax department on Monday, according to an official statement. The project worth Rs 1,435 crore is expected to cater to the demands of businesses, focus on efficient grievance redressal, and provide better cybersecurity.
What is PAN 2.0?
PAN (Permanent Account Number) 2.0 is an upgraded version of PAN 1.0. PAN serves as a unique taxpayer number. The new PAN card aims to streamline businesses and citizen-centric operations.
According to the official statement, PAN 2.0 project 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. This will be an upgrade of the current PAN/TAN 1.0 eco-system consolidating the core and non-core PAN/TAN activities as well as PAN validation service.
Making the announcement, Union Minister Ashwini Vaishnaw said, “PAN card is part of our life which is important for the middle class and small business, it has been highly upgraded and PAN 2.0 has been approved today. The existing system will be upgraded and the digital backbone will be brought in a new way…”
Benefits of PAN 2.0
- Ease of access and speedy service delivery with improved quality.
- Single source of truth and data consistency.
- Eco-friendly processes and cost optimisation.
- Security and optimisation of infrastructure for greater agility.
Do you need to upgrade your PAN card?
There will be no requirement for citizens to modify their PAN, according to Vaishnaw. The upcoming PAN 2.0 will be introduced as an enhancement to the current PAN system. Vaishnaw further explains that the new card will feature a QR code for efficient scanning and will be entirely online.
How many PAN cards have been issued to date?
A total of 78 crore PAN cards have been issued to date out of which 98 per cent are owned by individuals.
