Individual PAN Registration Reach 39.50 Lakhs

February 20, 2024 | Investopaper

During the first six months of the current financial year 2080/81, data from the Ministry of Finance reveals that 300,691 taxpayers obtained Personal Account Numbers (PAN). The total count of individuals possessing PAN numbers has now reached 39,50,305. Additionally, 60,283 taxpayers acquired Commercial PAN numbers during the same period. The Ministry of Finance reports that the number of individuals with Professional PAN numbers has risen to 19,36,588.

Furthermore, 2,962 tax-collecting agencies have procured PAN numbers, bringing the total to 31,069. Overall, a total of 59,17,962 taxpayers have acquired PAN numbers, encompassing personal, commercial, and tax-related categories. Moreover, 13,729 taxpayers registered for Value Added Tax (VAT) during the review period, reaching a total of 32,22,006 VAT registrants. Additionally, 5,702 taxpayers have been registered for excise duty in the past six months, with the total number of excise duty registrants reaching 12,23,377.

The Ministry advocates for the mandatory use of PAN numbers in tax payments to the government, emphasizing its role in measuring and expanding the tax scope. In the mid-year budget review, the Ministry notes a significant increase in PAN registrations, attributing it to the ongoing tax scope expansion program.