Cabinet Decision: Modi government has made a big announcement for the taxpayers in its cabinet meeting held on Monday. Union Minister Ashwini Vaishnav said that the PAN 2.0 project has been approved in the cabinet meeting led by Prime Minister Narendra Modi. The government will spend Rs 1435 crore on this project.
With the approval of PAN 2.0 project, taxpayers are in a dilemma regarding PAN card. There are many questions in the minds of taxpayers regarding PAN card, whether the PAN card they currently have is of no use, will they have to get a new PAN in its place or will it be necessary to have both the PAN cards?
So let us tell you that the card made under the PAN Card 2.0 project is an upgraded version of the PAN Card 1.0 project. This PAN will have a QR code and taxpayers will not have to spend a single penny to get it made. There is no need to go anywhere for this. The new PAN will be created absolutely free of cost through online process.
These will be the changes in the new PAN
The objective of the PAN 2.0 project is to improve the digital experience of taxpayers by speeding up services. These will be the benefits of the new PAN-
- Streamline Processes: Making taxpayer registration and service easy and quick.
- Data Consistency: All information will be easily available at one place.
- Eco-Friendly Approach: This work will be done online through eco-friendly process and will help in reducing costs.
- Enhanced Security: The digital infrastructure has been upgraded for better security.
About 78 crore PANs have already been issued. It will provide a better digital experience to 98 percent of them i.e. almost all existing PAN holders without any action.
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PAN Update: New PAN card with QR code will be issued to taxpayers, cardholders will not have to pay any charge.
