Central Excise Day 2022: All You Need To Know About
Central Excise Day is observed on 24th February, commemorating the Central Excise and Salt Act, which came into force on 24th February, 1944. The annual program highlights the important role played by the Central Excise Department in the industrial development of the country. See you all here. It is important to know about the day in our news chanal global markets.
Central Excise Day 2022: History
Since the beginning of civilization, salt has been an important commodity. It was considered as one of the sources of revenue for local governments in India in various forms like excise duty, transit tax and much more. There was generally no uniformity in terms of administrative control for the collection of salt revenue.
Numerous provinces and former Indian states had their own system of administration and tax collection. In 1944, the Indian government reformed the Indian tax system to make it easier to pay taxes. The Central Excise and Salt Act consolidated and amended the laws relating to the central duties of salt with special provisions on excise duty and salt.
What is Central Board of Indirect Taxes and Customs?
CBIC, a part of the Revenue Department under the Ministry of Finance, plays a key role in formulating policies on "Customs, Central Excise, Central Goods and Services Tax and IGST, Prevention of Smuggling and Case Management". Customs, Central Excise, Central Goods and Services Tax, IGST and Narcotics ”, according to their official website.
CBIC was formerly known as the Central Board of Excise and Customs. The Board was set up to assist the Government in formulating and implementing laws and policies related to customs more efficiently.
CBIC is also responsible for timely collection of arrears such as Goods and Services Tax (GST), service tax and customs duty and levy. It also provides information to international travelers about products they cannot bring into the country, such as firearms, flat-panel televisions, and so on.
What are CBIC's commitments?
CBIC is committed to educating the citizens of India about various indirect tax laws in the country. The department's focus is on combating corruption and promoting integrity. It also aims to promote a collaborative and advisory environment between citizens and the department.
CBIC officials curb smuggling across the country, especially illicit drugs.
The Customs House, Central Excise and Central GST Commissionerate and Central Revenue Control Laboratory come under the control of Central Board of Indirect Taxes and Customs.
How is the day celebrated?
On the occasion of Central Excise Day, various seminars, forums, public awareness programs, competitions and discussions are organized. Awards ceremonies are organized by CBIC as well as state excise departments to honor the officers.