Business Identification Number (BIN) for Companies- to be
introduced soon.
The Government (Department of Industrial Policy and Promotion) will soon
introduce Business Identification Number (BIN) for Companies, doing away with multiple
registration numbers a single entity needs to obtain for various
regulatory purposes.
The BIN would act as an identification number for different regulatory purposes and do away with the need for procuring separate registration numbers such as Company Identification Number and Labour Identification Number, for direct and indirect tax and export-importer code. As per the proposal, the Permanent Account Number (PAN) may become the BIN for companies. The Department of Industrial Policy and Promotion is discussing the matter with the Ministry of Corporate Affairs. The DIPP is expected to come out with the BIN in the next 2-3 months. It will help in reducing the time of registration processes of the Companies.
The BIN would act as an identification number for different regulatory purposes and do away with the need for procuring separate registration numbers such as Company Identification Number and Labour Identification Number, for direct and indirect tax and export-importer code. As per the proposal, the Permanent Account Number (PAN) may become the BIN for companies. The Department of Industrial Policy and Promotion is discussing the matter with the Ministry of Corporate Affairs. The DIPP is expected to come out with the BIN in the next 2-3 months. It will help in reducing the time of registration processes of the Companies.
The practice of BIN is
being followed in nations like U.S.A, Khazakaztan , etc .
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