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Mahesh

24/02/23 10:37 AM IST

Central Excise Day 2023

In News
  • Every year, on February 24, Central Excise Day is celebrated across the entire country to encourage the excise department's employees to perform their duties in an efficient manner throughout India so that corruption can be prevented in the goods manufacturing industry.
About the Day
  • Central Excise Day also commemorates the Central Excise and Salt Act, which was passed on February 24, 1944.
  • Customs, Goods and Services Tax (GST), Central Excise, Service Tax (CST), and Narcotics are administered by the Central Board of Indirect Taxes and Customs (CBIC) in India.
  • A variety of seminars, workshops, educational and cultural events, awareness programs, competitions, and awards ceremonies are held across the country in honor of the occasion.
Significance
  • 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 draws attention to the part the department plays in fostering 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.
About CBIC
  • Central Board of Indirect Taxes and Customs (CBIC) is a branch of the Department of Revenue which lies under the Ministry of Finance, Government of India.
  • 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.
Source- India Today

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