Central Excise Day Of India 2024: Why We Celebrate It On February 24

Central Excise Day 2024: Central Excise Day is being observed every year on February 24 to commemorate the Central Excise and Salt Act which was enacted on February 24, 1944. Here's all you need to know about Central Excise Day of India.

The Central Board of Excise and Customs, which is responsible for administering indirect taxes in India, celebrates this day by organising various events and programs to create awareness about the importance of paying taxes and the role of the excise department in the economy.

Why is Central Excise Day observed?

Commemorate the enactment of the Central Excise and Salt Act of 1944: This act marked a significant milestone in the history of indirect taxation in India, bringing together previously scattered excise duties under one central law. It aimed to streamline the administration of excise duties and improve revenue collection.

Recognize the contributions of the Central Board of Indirect Taxes and Customs (CBIC): This board is responsible for administering various indirect taxes in India, including central excise duty, service tax, customs duty, and goods and services tax (GST). Central Excise Day serves as a reminder of the vital role CBIC plays in generating revenue for the government and supporting economic development.

Raise awareness about indirect taxes: The day provides an opportunity to educate the public about the importance of indirect taxes in funding public services like education, healthcare, and infrastructure. It also encourages citizens to comply with tax regulations and contribute to the nation's progress.

Highlight the commitment to efficient tax administration: Central Excise Day showcases the CBIC's efforts to modernise tax administration, enhance compliance, and combat tax evasion. It emphasises the importance of transparency, accountability, and taxpayer facilitation in the tax system.

Celebrate the spirit of service: The occasion serves as an opportunity to recognize the dedicated service of CBIC officials who work tirelessly to collect taxes and ensure fair and transparent tax administration.

History and Significance of Central Excise Day 2024

Central Excise Day is observed to commemorate the enactment of the Central Excise and Salt Act on February 24, 1944. This legislation aimed to amend salt and central duties, encompassing one act related to excise duties.

In 1966, the Central Excise and Salt Act underwent a name change to "The Central Excise Act 1944," specifying values and rates of excise duties in Schedule 1 and 2 of the act.

Initially applicable to 67 items, the excise tax duty expanded to include a 68th item, covering "all other goods not elsewhere specified," particularly terror items.

The 1985 amendment to the Central Excise Act 1944 introduced the "Central Excise Tariff Act."

Central Excise Day serves to raise public awareness about the pivotal role played by central excise officers in the country's economic development.

The Central Board of Indirect Taxes, under the Ministry of Finance, Government of India, includes the Department of Revenue. This board significantly contributes to formulating laws and policies related to Customs, Central Goods & Services Tax, Central Excise duties, IGST, and prevention of smuggling.

Celebrations of Central Excise Day in India involve various educational activities, seminars, workshops, training sessions, and award ceremonies to emphasise the crucial responsibilities of Central Excise officers.

The purpose of celebrating the day is also to inform the people of the country about the importance of the Central Board of Excise and Customs. Many programs are organised by the board on this day, including seminars, workshops, educational and cultural programmes, awareness programmes, competitions, and award ceremonies.

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