Dhruv Soni’s Post

🌟 PAN 2.0: A New Era in Taxpayer Services | Krolegal.com The Government has unveiled PAN 2.0, a game-changer in modernizing India's tax ecosystem with cutting-edge digital solutions. Key Features: ✅ Single Unified Portal: All PAN/TAN-related services on one platform—apply, update, validate, or link PAN with ease. ✅ Free e-PAN: Quick, paperless issuance directly to your registered email. Physical PAN cards remain optional at a minimal cost. ✅ Dynamic QR Codes: Enhanced verification with real-time updates, ensuring authenticity and security. ✅ Eco-friendly & Paperless: Simplified online processes, eliminating paperwork. ✅ Enhanced Data Protection: Advanced security measures like PAN Data Vault ensure your information is safe. What This Means for You: Existing PAN holders need no action unless updates are required. ISO-certified processes bring global standards to taxpayer services. A dedicated helpdesk ensures smooth support for users. This initiative is a significant step in creating a seamless, secure, and transparent tax system, aligning with the vision of a Digital India. #PAN2_0 #TaxReform #DigitalIndia #EaseOfCompliance

PAN 2.0: Updates to e-PAN will be done free of cost, says CBDT The Cabinet Committee on Economic Affairs (CCEA) gave its approval on Monday for the PAN 2.0 initiative, aiming to establish it as the "common business identifier" whilst ensuring stringent security measures for those accessing this vital income tax identification data. Briefing media persons about the decision, Information and Broadcasting Minister Ashwini Vaishnaw said businesses have been demanding a common business identifier as against the current 3-4 different identifiers. The government has announced that the PAN 2.0 Project, aimed at modernising taxpayer registration services through technological advancement, will require an investment of Rs 1,435 crore. So, all PAN/ TAN/ TIN will be clubbed under this system. The project aims to establish PAN as a "common business identifier" for the digital systems of designated government agencies. It will provide a single digital portal, enable paperless services, and enhance the mechanisms for addressing grievances. The 10 Digit alphanumeric PAN given by the Income Tax Department will be improved by including a QR code, and this will be done by completely an online process. With the upgrade, PAN is anticipated to serve as a reliable source of identification and information for authorities, especially since it is already connected to the Aadhaar identification number. Single source of truth and data consistency; eco-friendly processes and cost optimisation; and security and optimisation of infrastructure for greater agility are the other benefits of the project. "The PAN 2.0 Project resonates with the vision of the government enshrined in Digital India by enabling the use of PAN as common identifier for all digital systems of specified government agencies," an official release said. PAN 2.0 Project enables technology- driven transformation of taxpayer registration services and is aimed at ease of access and speedy service delivery with improved quality. Source: Media #vidyasunil #vidyasunilassociates #pan #incometax

Public Tech Platform for Frictionless Credit Now Facilitates GST Information Sharing The Central Government has designated the "Public Tech Platform for Frictionless Credit" as the official platform for sharing GST information through the common portal, based on user consent. This move, recommended by the Council, streamlines the process and ensures secure data exchange. What is the Public Tech Platform for Frictionless Credit? Conceptualized by the Reserve Bank of India, this open-architecture platform facilitates seamless access to credit information from various sources. It connects financial service providers and data providers through standardized APIs, enabling efficient data exchange. Benefits for Businesses: - Simplified GST compliance: Businesses can now easily share GST data with the government through the platform, reducing paperwork and manual processes. - Improved access to credit: The platform's secure data sharing capabilities can enhance businesses' creditworthiness and facilitate access to financing. - Greater transparency and efficiency: Standardized APIs ensure clear and efficient data exchange, promoting transparency within the financial ecosystem. This development signifies a positive step towards simplifying GST compliance and boosting access to credit for businesses. #GST #PublicTechPlatform #FrictionlessCredit #DigitalIndia #BusinessFinance

The PAN 2.0 Project, approved by the Cabinet Committee on Economic Affairs (CCEA), is set to revolutionize the way we manage PAN and TAN in India. #What’s_New? The PAN 2.0 Project brings: 1. A unified portal integrating all #PAN/ #TAN services from multiple platforms, making processes simpler and faster. 2. Paperless and eco-friendly processes, aligning with the Digital India initiative. 3. Free-of-cost PAN issuance, with quicker processing times. 4. Enhanced data protection through a PAN Data Vault. 5. A dedicated helpdesk and call center to address user queries effectively. Key Features: 1. Easy online PAN corrections and updates (e.g., address, name). 2. QR code-enabled PAN cards with improved verification capabilities. 3. PAN as a common business identifier for digital systems, streamlining business compliance. This initiative is a significant step toward creating a transparent, efficient, and inclusive digital ecosystem for taxpayers and businesses. Kudos to the Income Tax Department for this taxpayer-centric approach.

New Amendment to GST Act Introduces "Public Tech Platform for Frictionless Credit" In a recent development, the government has introduced a significant amendment to the GST Act, bringing forth the establishment of a groundbreaking system called the "Public Tech Platform for Frictionless Credit." This move, executed under the powers granted by sections 158A and 20 of the Central Goods and Services Tax Act and the Integrated Goods and Services Tax Act respectively, marks a pivotal moment in the realm of digital infrastructure for financial services. The essence of this amendment lies in its endeavor to streamline information sharing through a common portal, with the critical component of user consent meticulously integrated. Under the amended provisions, information exchange will be facilitated by the said platform, adhering to the guidelines specified in the GST Acts. What exactly is the "Public Tech Platform for Frictionless Credit," you may ask? In simple terms, it is a cutting-edge digital infrastructure conceptualized by none other than the Reserve Bank of India (RBI) itself. This enterprise-grade platform, detailed in the RBI's "Statement on Developmental and Regulatory Policies" from August 10, 2023, and developed by its subsidiary, Reserve Bank Innovation Hub, is designed to revolutionize the operations of credit ecosystems. At its core, the platform aims to ensure seamless access to information from diverse data sources in a digital format. It serves as a nexus where financial service providers and multiple data service providers converge, leveraging standardized and protocol-driven architecture. This is made possible through an open and shared Application Programming Interface (API) framework, facilitating efficient communication and collaboration among stakeholders. The introduction of the "Public Tech Platform for Frictionless Credit" holds immense promise for the financial services landscape. By fostering digitization and enhancing information accessibility, it paves the way for more efficient credit operations and robust financial inclusion initiatives. In conclusion, this recent amendment to the GST Act underscores the government's commitment to fostering technological innovation and facilitating a conducive environment for digital transformation in the financial sector. The "Public Tech Platform for Frictionless Credit" stands as a testament to this vision, poised to catalyze positive disruptions in the way credit operations are conducted, ultimately benefiting businesses and consumers alike. #GST, #GSTAmendments, #Amendment, #Tech, #DigitalTransformation, #FinancialServices, #RBI, #TechInnovation, #DigitalEconomy, #Digitization

This is a nice summary of FIDA challenges. It is not mentioned though that banks have already worked heavily towards FIDA preparations during the last years in standardising at least the open Banking part of FIDA fully via the Hashtag #openFinanceAPI. In addition, first banks are investing in API Access schemes for premium data services which could serve as a kernel for FIDA schemes. Potential inclusion of eg the investment and insurance industry in API standardisation as well as schemes will be one of the major fascinating issues to be tackled by the industry. After the summer break. 😎 ⛵

𝐀𝐥𝐥 𝐚𝐛𝐨𝐮𝐭 𝐏𝐀𝐍 𝟐.𝟎 India is taking a giant leap towards a seamless digital economy with PAN 2.0, a transformative initiative by the Income Tax Department. Designed to enhance the usability and security of Permanent Account Numbers (PAN), this project integrates cutting-edge digital solutions, streamlining PAN-related services for both individuals and businesses. 𝐖𝐡𝐚𝐭’𝐬 𝐍𝐞𝐰 𝐰𝐢𝐭𝐡 𝐏𝐀𝐍 𝟐.𝟎? 1- Dynamic QR Code: A game-changer in data verification, the QR code will store key details like your name, date of birth, and PAN, simplifying identification processes across government and private sectors. 2- Unified Digital Platform: All PAN-related services—application, updates, corrections—will now be available on a single portal, reducing paperwork and speeding up processesClearTax 3- Eco-Friendly and Secure: PAN 2.0 focuses on a paperless approach while enhancing cybersecurity to protect sensitive taxpayer information Current PAN holders can continue using their existing cards, though upgrading to PAN 2.0 is encouraged for enhanced features. Upgrading your PAN card to PAN 2.0 will come at no extra charge, making it accessible to everyone. PAN will serve as a common identifier for businesses interacting with multiple government agencies, simplifying compliance. 𝐃𝐢𝐝 𝐘𝐨𝐮 𝐊𝐧𝐨𝐰? Over 50 crore PAN cards have been issued in India, making this initiative crucial in ensuring better governance and streamlined financial transactions 𝐖𝐡𝐚𝐭 𝐘𝐨𝐮 𝐒𝐡𝐨𝐮𝐥𝐝 𝐃𝐨 𝐍𝐞𝐱𝐭 Stay tuned for the official launch of the PAN 2.0 portal. Whether you’re a salaried professional, business owner, or entrepreneur, this upgrade will enhance your tax management experience. #DigitalIndia #TaxSimplification #FinancialPlanning #IndiaEconomy #PANCard

Last week I had the opportunity to talk to Björn Godenrath about the impact of the new FIDA regulation in the context of Open Finance. Why should FIDA - also in comparison to PSD2 - now become the big game changer? First, the scope is far beyond accounts - in addition loans, savings/investments, insurance, pensions, etc. are covered. Second, the data set is more comprehensive than only transactions - FIDA covers all type of data from price, volume, duration, conditions, etc. Third, FIDA requires data holders and users to join FIDA schemes. Those schemes will regulate the compensation, standards, processes and governance. The question is who will build those schemes? Will we have a very fragmented scheme landscape in Europe (>100 schemes)? Those are only some of the topics, banks and other financial institutions need to address. Interested to learn more... please feel free to reach out! https://lnkd.in/dqz8296m #Payments #FIDA #OliverWyman #Innopay Mounaim Cortet Maarten Bakker

In today’s digital age, the Internet is considered an essential resource, not just for accessing vital services but also for securing the best prices on everything from insurance to everyday shopping. This makes it crucial for everyone in the UK to have access to a basic level of internet connectivity. To promote universal broadband access, the government and Ofcom, the communications regulator, have encouraged the industry to provide affordable broadband options at reduced or subsidised rates. These offerings are referred to as 'social tariffs.' https://lnkd.in/gFyQpCkU

Introducing PAN 2.0: A Digital Leap in Taxpayer Services The Indian government has launched PAN 2.0, a major upgrade to the Permanent Account Number (PAN) system. This initiative aims to make tax-related processes more efficient, secure, and user-friendly. Here’s a quick overview: What is PAN 2.0? PAN 2.0 is a comprehensive upgrade to the existing PAN system, designed to streamline and modernize taxpayer services. It integrates all PAN/TAN-related services into a single, unified digital platform. Key Features: 1. Unified Portal: All PAN/TAN services will be available on one portal, making it easier to access and manage your PAN. 2. Paperless Processes: The entire process is digital, reducing paperwork and making it eco-friendly. 3. Free e-PAN Services: You can get your e-PAN issued free of cost, with quicker processing times. 4. Enhanced Security: Personal and demographic data will be protected through advanced security measures, ensuring your information is safe from unauthorized access. 5. Dedicated Support: A call center and helpdesk will be available to assist with any queries or issues. How to Apply for PAN 2.0: 1. Visit the Unified Portal:Go to the new PAN 2.0 portal. 2. Fill Out the Application: Complete the online application form with your details. 3. Submit Documents: Upload the required documents digitally. 4. Receive e-PAN: Your e-PAN will be sent to your registered email ID. Benefits: - Simplified Access: All services in one place. - Faster Processing: Quick issuance of e-PAN. - Cost-Effective: Free e-PAN services. - Secure: Enhanced data protection ensures your personal information is safe. - User-Friendly: Easy-to-navigate portal and dedicated support for a seamless experience. PAN 2.0 is a significant step towards a more efficient, secure, and transparent tax system, aligning with the Digital India vision. 🌐 #PAN2 #DigitalIndia #TaxReform #Egovernance #SecureServices