Central Excise Day 2023: History, Theme, Importance and Everything You Need to Know
The Central Excise Tax Day is observed to recognize the efforts of the Central Board of Excise and Customs (CBIC). The Department of Revenue, Ministry of Finance, Government of India, oversees the CBIC. This organization is in charge of administering and collecting customs, special and other related duties.
The work of the CBIC is essential for the efficient collection of excise duties and customs duties. The purpose of Central Excise Day is to recognize the crucial role of the CBIC. Check here all the information you need about the day.
History of Central Excise Day
The history of Central Excise Day dates back to 1944, when the government passed the Central Law on Excise and Salt. With the help of road taxes, excises, and other taxes, salt has been an important source of revenue. for the goverment. It was commemorated with the establishment of the Central Day of Excise Taxes.
Each state used its own tax administration and collection system prior to the Central Excise and Salt Law of 1944. The Act modernized and harmonized the central Excise and Salt legislation, improving the efficiency of revenue collection. This important Legislation is commemorated on the Central Day of Excise Taxes, emphasizing its meaning.
Importance of the Central Day of Excise Taxes
The purpose of Central Excise Day is for CBIC to educate Indian citizens on the many excise rules that are relevant to the country’s industrial sector.
The following points explain why Central Excise Day is an important effort to support integrity and fight corruption, CBIC department.
With the department and Indian citizens, CBIC seeks to foster a cordial and consultative relationship.
The CBIC ensures that national smuggling is prevented, particularly that of illicit substances.
Since the central excise duty is an important tax that supports the industrial development of India, 24 February is celebrated annually as the day of the central excise duty. CBIC’s contributions are also recognized on this day.
Central Excise Day 2023 Theme
Based on the themes of previous years, the theme of Central Excise Day 2023 will likely be to increase public awareness of the role of Central Excise in India’s economic growth and development, as well as the importance of complying with laws and excise tax regulations.
The theme may also be chosen to recognize the services and achievements of Central Excise officials who have worked to uphold these rules and keep the excise system running smoothly.
How is Central Excise Day observed?
Many seminars, workshops, educational and cultural activities, awareness campaigns, contests, and award ceremonies are held across the country to honor the anniversary. In addition, the departments involved and higher authorities launch awareness campaigns.
About the Central Board of Indirect Taxes and Customs
Formerly known as the Central Board of Indirect Taxes and Customs, the Central Board of Indirect Taxes and Customs is a government agency. To oversee the administration of customs legislation, the Central Customs and Excise/Central GST department was created.
The department now reports to the Revenue Department of the Ministry of Finance, which is responsible for developing policies related to the assessment and collection of Customs duties, Central Consumption Tax, Central Tax on Goods and Services and IGST, as well as for the prevention of smuggling and the management of matters related to Customs, Central Special Taxes, Central Goods and Services Tax, IGST and Narcotics to the extent that they are the responsibility of the CBIC.
The Central Revenue Control Laboratory, the Central Commissioners of Excise and GST, and Customs are among the subordinate entities that report to the Board, which acts as its administrative head.
The role of the Central Board of Indirect Taxes and Customs (CBIC)
The main objective of this organization is to try to prevent corruption in the business of manufacturing goods.
CBIC is also concerned with implementing the core business-related excise laws to the fullest extent possible.
He also deals with policy formulation in the field of Customs, Central Excise and much more.
Central Excise Day is an annual celebration in India held in honor of this organization.
Central Goods and Services Tax and IGST, prevention of smuggling and administration of matters related to Customs, Central Goods and Services Tax, Central Goods and Services Tax, IGST and Narcotics to the extent of CBIC’s competence.