Hyderabad: Central Excise Day is observed every year on February 24 to celebrate and honour the service of the Central Board of Excise and Customs (CBEC) in India. The day is dedicated to acknowledging the contributions of CBEC officers to the country's economy and motivating them to continue their tasks with the utmost integrity.
Historical Significance: Central Excise Day commemorates the enactment of the Central Excise and Salt Act on February 24, 1944. The celebration recognises various aspects managed by the CBIC, including Customs, Goods and Service Tax (GST), Central Excise, Service Tax, and Narcotics. It reflects the government's commitment to establishing an equitable and open tax system supporting economic growth and development.
About CBIC: The Central Board of Indirect Taxes and Customs (CBIC), overseen by the Ministry of Finance, plays a pivotal role in creating policies for indirect taxes and customs in India. Its responsibilities include managing issues related to Customs, Central Excise, IGST, and Narcotics. The CBIC is the administrative authority for its subordinate organisations, contributing significantly to the development of the country's economy.
CBEC's Role in Economic Development: Central excise, an indirect tax on manufacturing and production within the country, serves as a crucial revenue source for the government. Administered by the CBEC, it ensures compliance with laws, collects excise duties, and combats smuggling and illicit activities. The CBEC has implemented initiatives, such as the Goods and Services Tax (GST) and e-filing systems, to enhance the efficiency of the central excise system.
Key Facts About CBEC: CBEC governs its affiliated organisations, including the Central Revenues Control Laboratories, Custom Houses, and Central Excise and Service Tax Commissioners. The board deals with key laws like the Customs Act of 1962, the Central Excise Act of 1944, the Customs Tariff Act of 1975, and the Service Tax Act. During the GST implementation phase, CBEC operations are governed by the provisions of the Goods and Services Tax (GST) Acts.
Observing Central Excise Day: Central Excise Day has been observed annually since February 24, 1944, to mark the founding day of CBEC. The day recognises the organisation's role in the development of the country's economy and appreciates the hard work and dedication of its employees. It serves as an occasion to raise awareness about the significance of central excise in India's economic landscape
Central Excise Day is a significant event in India, that honours CBEC contributions to the growth of the nation's economy. It is also observed to recognise the department's employees' commitment to their work and to raise awareness about the role that central excise plays in the national economy.
