Budget 2023: PAN card to be single common identifier for entities

The legalisation of the permanent account number (PAN) as a single business identifier was announced in the Union Budget for 2023–2024.

An enabling clause or provision in the Finance Act of 2023 will give PAN use as an entity's primary identification legal support.

Several identifiers are currently in use at both the state and centre levels.

These include GSTIN, TDA, TIN, EPFO, and CIN. 

Under the new move, PAN is likely to become the principal identity of any entity.

Source: Outlook India