Central Excise Day 2023: History, Theme, Importance, and All You Need to Know
Central Excise Day is observed to recognise 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 organisation is in charge of managing and collecting customs, excise, and other related duties.
The CBIC’s work is essential to the efficient collection of excise and customs duties. The purpose of Central Excise Day is to recognise the crucial function of the CBIC. Check here for all the information you need regarding the day.
History of Central Excise Day
The history of Central Excise Day may be traced back to 1944, when the government approved the Central Excise and Salt Act. With the help of transit taxes, excise duties, and other taxes, salt has been a significant source of income for the government. It was commemorated with the establishment of Central Excise Day.
Every state used its own system for tax administration and collection prior to the Central Excise and Salt Act of 1944. The Act modernised and harmonised the central Excise and salt legislation, improving the efficiency of revenue collection. This significant Legislation is commemorated on Central Excise Day, emphasising its significance.
Importance of Central Excise Day
The purpose of Central Excise Day is for CBIC to educate Indian citizens on the many indirect tax rules that are relevant to the country’s industrial sector.
The following points explain why Central Excise Day is importantn an effort to support integrity and fight corruption, the CBIC department.
With the department and Indian citizens, CBIC seeks to foster a cordial and consultative relationship.
The CBIC makes sure that national smuggling is prevented, particularly the smuggling of illegal substances.
Since central excise is a significant tax that supports India’s industrial development, central excise day is observed annually on February 24. The CBIC’s contributions are also acknowledged on this day.
Theme of Central Excise Day 2023
Based on past years’ themes, the theme of Central Excise Day 2023 is most likely going to be on increasing public awareness of the role of the Central Excise to India’s economic growth and development as well as the importance of complying to excise laws and regulations.
The theme may also be chosen to recognise the services and achievements of Central Excise officers who have worked to uphold these rules and maintain the smooth running of the excise system.
How is Central Excise Day observed?
Many seminars, workshops, educational and cultural activities, awareness campaigns, competitions, and award ceremonies are held across the nation to honour the anniversary. Also, the involved departments and higher authorities launch awareness campaigns.
About the Central Board of Indirect Taxes and Customs
Formerly known as the Central Board of Excise and Customs, the Central Board of Indirect Taxes and Customs is a government agency. To oversee the administration of customs legislation, the Customs and Central Excise/Central GST department was created.
The department now falls under the Ministry of Finance’s Department of Revenue, which is responsible for developing policies related to the assessment and collection of Customs, Central Excise, Central Goods & Services Tax, and IGST duties, as well as for the prevention of smuggling and the management of matters pertaining to Customs, Central Excise, Central Goods & Services Tax, IGST, and Narcotics to the extent that they fall under CBIC’s purview.
The Central Revenues Control Laboratory, Central Excise and Central GST Commissioners, and Custom Houses are among the subordinate entities that report to the Board, which serves as their administrative head.
The role of the Central Board of Indirect Taxes and Customs(CBIC)
he primary purpose of this organisation is to try and prevent corruption in the goods manufacturing business.
CBIC is also concerned with implementing the central excise laws relating to business to the best extent possible.
It also deals with policy formulation in the domain of Customs, Central Excise duties, and much more.
Central Excise Day is an annual celebration in India observed in honour of this organisation.
Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics to the extent under CBIC’s purview.