PAN, or permanent account number, is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department India under the surveillance of the Central Board of Direct Taxes. It also serves as an identity proof. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and more. The primary goal of PAN is to use a universal identification to track financial transactions that might have a taxable component to prevent tax evasion. The PAN number remains unaffected by change of address throughout India.
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. Any business in India that supplies goods/items or services with turnover exceeding Rs. 20 lakh (Rs. 10 lakh for North Eastern and hill states) has to get registered under GST. All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number also know as GSTIN.