If you don’t know what exactly PAN is, PAN stands for Permanent Account Number. You must have PAN Card to start any kind of business in India. Even if you want to do business online, Payment Gateways need PAN information in order to allow online transactions.
Even if you want to do big transactions in the bank or you want to get the loan, you need PAN Card or PAN. PAN is unique to each person and does not change in whole life! Yeah, You can change your incorrect information in PAN Card through PAN Card correction form.
Now, Coming to the main point. Why PAN Cards are beneficial for Government or Income Tax Department? Through PAN Card, Government can Identify your Legal Transactions and you have to pay tax for your transactions! Without PAN Card, Anyone could do big transactions without paying tax for it.
It is very important to have the concept of PAN for Government! otherwise due to tax evasion, Country’s Economy would fall down!
Whenever you want to do big transactions, One need PAN Card so that he/she can’t escape Tax payment which is right of government!
So, this is why PAN Cards are necessary to run business in India. No matter you are Indian or not, if you want to start the business or want to invest in India, You need PAN Card.
If you want to apply for PAN card, You can Follow this tutorial and yes, You can always check your PAN Card status to know how your application is being processed!