Central Excise Day 2023 observed on 24th February
Central Excise Day 2023: Every year on February 24, Central Excise Day is marked to recognise and honour the Central Board of Indirect Taxes and Customs’ contributions (CBIC). Every year, Central Excise Day is observed to raise public awareness of the dedication and labor-intensiveness of CBIC. The primary responsibility of CBIC is to prevent the tampering of manufactured items.
February 2023 Current Affairs Quiz
On Central Excise Day, the agency sponsors a range of programmes and events to enhance public awareness of the importance of paying taxes and following customs procedures. On this day, CBIC also launches brand-new campaigns with a variety of topics across its offices all over India to raise awareness of the rules governing Central Excise and Customs.
Purpose of Central Excise Day
The purpose of Central Excise Day is to honour the commitment and hard work of the employees who fight to collect taxes, stop smuggling, and stop fraud. The day also highlights the department’s role in promoting economic development. Every year, the day is observed throughout the nation to motivate excise department employees to carry out their tasks effectively across India in order to prevent corruption in the goods manufacturing sector and to ensure that other regulations are put into place to ensure the best excise services are offered.
History of Central Excise Day
From the starting of the civilisations, salt has been an important commodity. Salt was considered to be one of the sources of revenue by the native governments in India in various forms, such as excise duties, transit tax and much more. There was generally no uniformity in the matter of administrative control for the collection of salt revenue.
On February 24, 1944, the Central Excise and Salt Act was passed to modify the law of salt and Central duties. In total, it was a combination of 11 Acts concerning the excise duties. In 1985, a Central Excise Tariff Act was introduced and it became a part of the old Central Excises and Salt Act. With effect from September 28, 1996, the Act was known as the Central Excise Act 1944.
About CBIC:
The Central Board of Indirect Taxes and Customs (CBIC) is a component of the Department of Revenue, which is part of the Government of India’s Ministry of Finance. Work done by it is the calculations of policy related levy and collection of Customs, Central Excise duties, CGST and IGST, prevention of smuggling and administration of matters relating the above mentioned subjects, and Narcotics to the extent under CBIC’s purview.
The subordinate organisations of the Board are the administrative authority and consists of Custom Houses, Central Excise and Central GST Commissionerate, and the Central Revenues Control Laboratory.