The Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi, on Monday decided to give its nod to the PAN 2.0 project of Income Tax Department with an outlay of Rs 1,435 crore.
The PAN 2.0 project aims at making it possible for technology-driven transformation of taxpayer registration services, and now it is said to have enormous benefits.
It allows for ease of access and speedy service delivery with improved quality; a single source of truth and data consistency; eco-friendly processes and cost optimisation; and security and optimisation of infrastructure for greater agility.
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.".
This would be an upgrade of the current PAN/TAN 1.0 ecosystem, which would consolidate both the core and non-core activities under PAN/TAN along with the validation service for PAN. The CCEA further added that the project PAN 2.0 "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 I-T Department expects to exceed the direct tax collection target of Rs 22.07 lakh crore in the Union Budget for the current financial year. India's net direct tax collections comprising corporate tax and personal income tax shot up by a robust 15.4 per cent to Rs 12.1 lakh crore during April 1 to November 10 this financial year according to the CBDT figures.
The government targets collecting Rs 22.07 lakh crore during the current financial year, with Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh from personal income tax, non-corporate tax, and others.
Read also| Sensex Soars 1,200 Points in Jubilant Response to MahaYuti’s Landslide Victory
