Introduction to PAN 2.0:
The PAN 2.0 project proposed by the cabinet committee on economic affairs. Whose chair person is our Honorable Prime minister MR. NARENDRA MODI GARU. This project gets approval on 25th November 2024. The main aim of this project is to secure data and make it more convenient. PAN 2.0 aims to upgrade and digitize.
The INDIAN GOVERNMENT has approved this project and sanctioned ₹1435 crores to initiate and modernize PAN 2.0
List of Content
- Introduction to PAN 2.0
- Key features and Benefits
- Implementation Time
- Security Enhancements
- Impact on Business and Individual Tax payers
- Evolution from PAN 1.0
- Government’s vision towards PAN 2.0
- Future Expectations
Key Features and Benefits:
       PAN 2.0 introduces new features like QR Codes and unified business identities (like UPI I’d s for payment Gateway) and their benefits towards users .
Implementation Time:
The Implementation of PAN 2.0 has many Phases and is assigned for rolling out , including key dates and mile Stones.
Security Enhancements:
PAN 2.0 has advanced security measures to protect tax payers data and to stop fraud – Scamsters.
Impact on Business and Individual Tax payers:
The New PAN 2.0 Affects tax payers and business initially. But while using this we can get payments faster , secure , reducing time and efforts involved in tax related activities.
For Business, there is a new I’d called UNIFIED BUSINESS IDENTITY (UBI) for your all businesses .
Evolution from PAN 1.0:
Information on cards for current Pan users will be mostly the same with advanced QR code , The updragred to PAN 2.0 is free of cost .
Government’s vision towards PAN 2.0:
The vision of Gov towards PAN 2.0 is to enhance digital infrastructure and modernizating tax administration.
Future Expectations:
Projections on long term benefits and prospects future Development.
Final words:
By implementing PAN 2.0, the government aims to create a more modernized, secure, and user-friendly tax identification system that benefits all stakeholders. This modernization effort not only aligns with the broader Digital India initiative but also ensures that the tax system keeps pace with technological advancements.
