What is PAN? PAN and VAT No. Is it the same or different?
PAN stands for Permanent Account Number, which is 9 digits long.
Just as there is a citizenship number that identifies a citizen, there is a roll number that identifies a student, there is a separate account number for opening an account in a bank, so there is a unique number that identifies a person/entity doing business. That is called PAN. Eg: ABC Company Pvt. Ltd., PAN 617222222 | Nepal grocery store 616263640 etc. Therefore, transactions cannot be done without taking PAN. Transactions without PAN are not recognized by the state/law.
PAN is the identifier of the businessman. Janam kundli of business is included in PAN.
» When a taxpayer is registered for VAT, the PAN itself is given the VAT No. It is said VAT No. And PAN is not separate. Only one PAN/VAT No. for a person/entity, irrespective of the number of transactions. it happens
I am thinking of doing business. What should I do for this?
You must obtain a Permanent Account Number (PAN) from the tax office before starting a business.
A permanent account number should be obtained from the tax office only after registering your business at the relevant local level, domestic and small industries office, pharmaceutical department, company registrar’s office, etc.
My business is registered with the Household and Small Industries Office. Do I also have to register with the tax office?
Must have.
Your business becomes legal from the tax point of view only after getting a permanent account number from the tax office.
