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Informist, Monday, Aug. 4, 2025

 

--Fin min source: LTIMindtree awarded PAN 2.0 project by tax department 

--Fin min source: PAN 2.0 project expected to be live in 18 months 

--CONTEXT:Govt okayed PAN 2.0 plan Nov for PAN as common business identifier 

 

NEW DELHI – The finance ministry has selected LTIMindtree Ltd. as the successful bidder for the PAN 2.0 Project, an official in the Central Board of Direct Taxes said Monday. The PAN 2.0 Project, which aims to integrate the Income Tax Department's Permanent Account Number into a common business identifier for all business-related activities in specified sectors, is expected to go live in 18 months, the official told Informist. 

 

The PAN 2.0 Project is envisaged to simplify the Permanent Account Number and Tax Deduction and Collection Account Number processes for improved quality of service to the public, faster service delivery and improved grievance redressal mechanisms by leveraging latest technologies, the official cited above said. The Tax Deduction and Collection Account Number is obtained by those responsible for deducting tax at source or required to collect tax at source.

 

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, had approved the PAN 2.0 Project on Nov. 25. 2024. The total expense of the project, which will be undertaken over many years, will be INR 14.35 billion, Information and Broadcasting Minister Ashwini Vaishnaw had said at the Cabinet briefing while announcing the plan. PAN, which is a unique taxpayer identification number, was introduced in 1972. 

 

Under this project, LTIMindtree will help the government revamp the technological backbone of the PAN system to upgrade it and make a unified portal for all information related to a registered number. Though the decision was a result of repeated requests from the industry to consolidate business registration numbers into one, the new system is also expected to benefit the common man. At 1330 IST, shares of LTIMindtree traded 0.7% higher at INR 5,055 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Priyasmita Dutta

Edited by Tanima Banerjee

 

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