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India Streamlines Tax Registration For New Firms

by Mary Swire, Tax-News.com, Hong Kong

13 April 2017


India's Central Board of Direct Taxes (CBDT) announced on April 11 that it has teamed up with the Ministry of Corporate Affairs (MCA) to streamline the country's tax registration procedures for newly incorporated entities.

The Board announced that the issuing of Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) now occur nearly simultaneously, following improvements made by the two agencies to the procedures.

It said: "Applicant companies submit a common application form SPICe (INC 32) on the MCA portal and once the data of incorporation is sent to the CBDT by the MCA, the PAN and TAN are issued immediately without any further intervention by the applicant. The Certificate of Incorporation (COI) of newly incorporated companies includes the PAN in addition to the Corporate Identity Number (CIN). TAN is also allotted simultaneously and communicated to the Company."

Up to March 31, 2017, 19,704 newly incorporated companies were allotted a PAN in this manner. During March 2017, of the 10,894 newly incorporated companies, PAN was allotted within four hours in 96 percent of cases and within one day in all cases. Similarly, TAN was allotted to all such companies within four hrs in 95 percent of cases and within one day in 99.7 percent of cases.

It is hoped that the move will improve India's ranking in the World Bank's Ease of Doing Business index. As a further move toward tax simplification, the CBDT also revealed that it had introduced an Electronic PAN (E-PAN) card, delivered to applicants by e-mail, which will be offered alongside the physical PAN card.

TAGS: compliance | tax | tax compliance | India | Tax

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