Central Excise Day 2021:Central Excise Day is celebrated on February 24 th every year across India. Central Excise Day is celebrated every year to commemorate the legislation of the Central Excise and Salt act on 24 February 1944. The Central Excise Day is being celebrated to honour the service of the Central Board of Excise and Custom (CBEC) officers to the country. Central Excise Day is celebrated annually to honour the immense contribution of the CBEC to the nation’s revenue as a whole.
The Central Board of Excise and Customs comes under the Revenue Department of the Union Ministry of Finance and is a kind of indirect tax. The Central Excise Department has an important role in the industrial development of the country. The CBEC Ministry has reformed the tax system to make payment of taxes easier and has also increased the use of techniques.
Why Central Excise Day is celebrated?
The purpose of celebrating Central Excise Day is to inform the people of the country about the importance of the Central Board of Excise and Customs. Many programs are organized on Central Excise Day, including seminars, workshops, educational and cultural programs, awareness programs, competitions and award ceremonies. The customs officers check corruption in goods from the manufacturing sector.
The common people do not know much about Central Excise, as it is an indirect tax. Excluding the agriculturally grown goods, factories are making decisions on almost all the goods being made, which started on 24 February 1944. Hence, 24 February is celebrated as Central Excise Day every year. About one-third of the entire income of the country comes from production duty. Since 1994, various types of services have also been classified as taxable services, as charged by the service provider in large amounts in pursuance of those services. Union Excise Ministry has the responsibility of collecting service tax.
Significance of CBEC
The Central Board of Indirect Taxes and Customs is formerly known as the Central Board of Excise and Customs. The Customs and Central Excise/ Central GST department was established to administer customs laws. Now the department is under the Department of Revenue, Ministry of Finance
Nation’s progress depends on building a strong economy. Economic strengthening happens only when we are able to fulfil our responsibilities with full commitment keeping national interest in mind irrespective of whether being a politician, government employee or a common man. The financial management of our country is entirely dependent on various taxes collected from the people.. Whether it is income tax, sales tax, central excise, customs duty etc.
The Central Board of Indirect Taxes and Customs has the responsibility of administering Customs, GST, Central Excise, Service Tax, IGST, prevention of smuggling and administration of matters relating to Customs, and Narcotics in the country. It is a kind of indirect tax that is levied on all types of products manufactured in factories. The Excise Department was established in 1855 under British rule.
The Central Board of Excise and Customs is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerates and the Central Revenues Control Laboratory. It primarily deals with the Customs Act, 1962, Customs Tariff Act, 1975, Central Excise Act, 1944 and Service Tax Act. After the introduction of the Goods and Services Tax (GST) from 1 July 2017, the activities of the board will be guided by the GST-related Acts.
Get More Important Days of 2021
Central Excise Tax
Central excise tax is an indirect tax imposed by the government on excisable goods which are produced within India. It is a major source of revenue for the government. It is a tax levied on the production of goods and not upon the sale of goods. Excisable goods are goods that are specified in the first or second schedule of the Central Excise Tariff Act, 1985.
Difference between Excise Duty and Customs Duty
There are many similarities between excise duty and customs duty. The major difference between those two is the place of production of the goods. While excise duty is charged on goods produced or manufactured within the country, customs duty applies to the goods that are sold in India but were produced in a different country. Excise duty will be paid by the manufacturer of the goods and not by the consumer. Customs duty will be paid by the importer of the goods.
Central Excise Day is celebrated for expressing gratitude towards the employees of the Excise department for their dedicative work. Central Excise Day is also observed to check corruption in the goods manufacturing business as well as implement other rules to carry out the best possible excise services.
