The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, on Monday approved the Income Tax Department’s PAN 2.0 project with an allocation of ₹1,435 crore.
The PAN 2.0 project aims to introduce a technology-driven overhaul of taxpayer registration services, offering several key benefits, including improved accessibility, faster service delivery, enhanced data accuracy, eco-friendly processes, cost efficiency, and upgraded infrastructure security for greater agility.
According to a cabinet communique, the project is an e-governance initiative designed to re-engineer the business processes of taxpayer registration services. It will enable a more seamless digital experience for taxpayers through a revamped PAN/TAN ecosystem.
The project will consolidate core and non-core PAN/TAN activities and upgrade the PAN validation service, thereby replacing the existing PAN/TAN 1.0 system.
The CCEA noted that the PAN 2.0 project aligns with the government’s Digital India vision by establishing PAN as a universal identifier across digital systems for specified government agencies.
Meanwhile, the Income Tax Department has expressed confidence in surpassing the direct tax collection target of ₹22.07 lakh crore set in the Union Budget for the current fiscal year.
Between April 1 and November 10 of the current financial year, India’s net direct tax collections—comprising corporate tax and personal income tax—rose by 15.4% to ₹12.1 lakh crore, according to the latest data released by the Central Board of Direct Taxes (CBDT).
The ₹22.07 lakh crore collection target for FY24 includes ₹10.20 lakh crore from corporate tax and ₹11.87 lakh crore from personal income tax, non-corporate tax, and other categories.
(Inputs from IANS)
