Entrepreneurship Simplified: Single ‘Unique Company ID’ For All Purposes; E-Signature To Replace Corporate Stamp
In case you are running a company in India, then you must be aware about various ‘numbers’ which is required to be maintained and referred to during various phases of running a business.
For example, Permanent Account Number or PAN; Corporate Identity Number or CIN; Tax Deduction Account Number or TAN and more.
In order to simplify entrepreneurship, The Central Board of Direct Taxes (CBDT) along with Ministry of Corporate Affairs are working together to introduce one common number for every business establishment in India. This common number will soon replace every other ‘number’ including corporate, employer and tax payer identification numbers; TAN, CIN and more.
Various departments under MCA and CBDT such as excise, directorate general foreign trade, labour department etc are involved in this massive exercise, hence, the negotiations are taking time. Once the number game is finalized, Govt. will come out with a formal announcement.
Note here: This unique single number identification for businesses shall only work on Centre’s or National Level. Once GST Bill is passed, then various State Governments shall issue another ‘number’ which will work in intra-state level.
As per financial experts, this single identification on national level shall help to simplify the process of filing returns and declarations; besides encouraging ‘ease of doing business’ across the nation. Besides, the Govt. shall be able to find out information about any company in India by using one single database; a database which would be one of the biggest such repository every created in India.
More Reforms Coming In: E-Signature To Replace Corporate Stamp
Besides, Govt. is also planning to replace corporate stamps with e-signature, which would be linked with Aadhar Card and can be used for various Govt. schemes such as Digital Lock.
The Department of Electronics and Information Technology (DeitY) is working on this new paradigm of ‘Digital India’ and formal announcements are expected soon.
Even companies can use this new format to easily apply for various Govt. programs and Digital India initiatives.
Some other business reforms announced since last one year: