The World Bank ranks a country on how easy it is for private companies to follow regulations in 11 areas.
New Delhi: In an attempt to increase India’s ranking in World Bank’s Ease of doing business list, CBDT said on Tuesday that it is issuing PAN and TAN to new companies in one day only.
It has issued Permanent Account Number (PAN) within a day to 19,704 newly incorporated firms till March 31, 2017. In addition to physical PAN card, CBDT has introduced the electronic PAN (e-PAN) card, which is sent by email to all applicants, including individuals.
The benefit of this is that individual has a digitally signed e-PAN card which he or she can submit as proof of identity to other agency electronically directly or store in the Digital Locker.
CBDT has tied up with ministry of corporate affairs to issue PAN and Tax Deduction Account Number (TAN) in a day.
Prime Minister has listed ease of doing business on the top of his agenda. He had said in the past that he would like India to be among top 50 countries on World Bank’s high profile and keen watched ease of doing business list.
However, last year despite the government taking a series of steps to make it easier for business to function World Bank ranked India 130 out of 190 countries in its annual report. The World Bank ranks a country on how easy it is for private companies to follow regulations in 11 areas.
“Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to CBDT by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant,” said CBDT.
It said during March, 2017, of the 10,894 newly incorporated companies, PAN was allotted within four hours in 95.63 per cent cases and within one day in all cases. Similarly, TAN was allotted to all such companies within 4 hours in 94.7 per cent cases and within one day in 99 per cent cases.