On Sunday Finance Minister Arun Jaitley announced that very shortly the government is to make Permanent Account Number (PAN) details mandatory for money transactions beyond permitted limit in order to enhance tax service department. Jaitley had proposed citing PAN compulsory for all sale and purchase of over Rs 1 lakh in his Budget discourse in 2015. In the interim, PAN number allotment by the income tax department will stay suspended for five days starting Monday inferable to software upgrade exertion.
Through a Facebook post he said, the government is at a propelled stage in considering the necessity of outfitting PAN card details if cash transactions break certain limit. The Minister additionally said the monitoring government of the income tax division has been reinforced and its ability to access data and apply technology driven tools to uncover avoidance has been upgraded. Its capacity to distinguish large money withdrawals, or vast cash transactions which enter the system, is being reinforced. GST (goods and services tax) regime once launched will likewise be a historic point venture in this course.
Products like gold where the beginning purchase by the exporter is after the payment of custom obligation, the ensuing transactions which are for the most part in real money, can easily be discovered out. The opening of an expansive number of payment doors, internet banking, payment banks and the developing reality of e-commerce will provoke the use of banking transactions and plastic cash rise fundamentally. PAN allocating department will be suspended from October 5th to 9th due to PAN data upgradation but PAN applications, through online and offline manner will keep continue to receive PAN service centres of NSDL and UTIITSL. It even guaranteed the accumulation will be cleared maximum of three days.