Will making PAN a unique ID double the work for MSMEs?

New Delhi, Apr 5 (KNN) The micro, small and medium enterprises (MSMEs) are happy with the proposal to make PAN a unique identity for business entities. However, they fear that the move would put an additional burden on them and they will now have to provide even more details than earlier in the government departments.

Cabinet Secretary P K Sinha, on Monday, said the government is working on a proposal to make PAN a unique identity for business entities.

"We are working towards making PAN a unique ID for any business entity that is recognised by all departments... This would facilitate incorporation of a new company in a single day through an integrated e-biz portal and this is going to be soon a reality," he said.

He was speaking at a session on 'Ease of Doing: The Next Steps' organised by CII.

Sinha said it means not only minimising or quickening the industry's interface with the government and its agencies but also unveiling policy measures to create more business opportunities and an environment that makes investments less risky and more attractive.

On this, Indian Industries Association (IIA) President Manish Goel said, “If there is proposal like this, we welcome it.”

“All that we want is that the entrepreneurs should not be asked to go here and there to give same details to every department,” he said.

“PAN is used only in the income tax department and if they want to make it a unique ID, it would be easy for us,” he added.

“We don’t have a unique ID and we use Aadhar Memoradum. But from our past experience, we have found that it is not much successful everywhere. The departments want the same details again and again,” IIA President said. (KNN Bureau)