Central Excise Day, observed every February 24, marks the anniversary of the Central Excise and Salt Act enacted in 1944. This day honors the work of the Central Board of Indirect Taxes and Customs (CBIC) in India’s industrial development. It aims to motivate CBIC members for efficient duty performance, prevent corruption, and promote tax compliance.
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Central Excise Day 2024 ⇢ Theme
The theme for Central Excise Day 2024 has not been announced.
Central Board of Indirect Taxes and Customs ↴
The Central Board of Indirect Taxes and Customs is a part of the Department of Revenue under the Ministry of Finance, Government of India. It formulates policies for Customs, Central Excise duties, Central Goods & Services Tax (GST), and Integrated Goods and Services Tax (IGST). Central Board of Indirect Taxes and Customs is responsible for preventing smuggling and administering matters related to Customs, Central Excise, Central GST, IGST, and Narcotics.
History
Salt has been important for government, serving as a source of revenue through taxes like excise duties. In 1944, the Indian government changed this by introducing the Central Excises and Salt Act. This Act simplified and updated the laws related to taxes on salt and excise duties, replacing older laws from different provinces. Central Excise Day celebrated on February 24th, marks the anniversary of Central Excises and Salt Act, It made tax collection more organized and efficient, playing a crucial role in India’s economic development. Additionally, the Central Excises and Salt Act contributed to the idea of cooperative federalism, emphasizing collaboration between the central government and states.
Significance
Central Excise Day holds significance as it honors the contributions of the Central Board of Indirect Taxes and Customs (CBIC) and its officers. This day encourages CBIC employees to carry out their duties diligently in preventing corruption in the manufacturing sector. Since 1944, CBIC’s responsibilities have expanded to include formulating policies for Customs, Central Excise duties, and Goods & Services Tax. Excise Day aims to raise awareness about Central Board of Indirect Taxes and Customs (CBIC) importance, promote integrity, and establish a harmonious relationship with citizens. CBIC also plays a crucial role in preventing smuggling and fostering industrial growth through the imposition of Central Excise tax.
Central Excise Day ⇢ Quotes
- “On this day, we salute the dedication of the team at the Central Board of Indirect Taxes and Customs for their role in shaping policies, preventing smuggling, and contributing to the economic growth of our nation.”
- “As we celebrate this occasion, it’s an acknowledgment of the tireless efforts of CBIC, working towards a harmonious relationship with citizens and ensuring the integrity of our tax system.”
- “Today serves as a reminder of the crucial role played by CBIC in formulating policies and preventing illicit activities. Their dedication is key to the economic well-being of our country.”
- “In honoring this day, we recognize the significance of excise and service taxes, vital for industrial growth, and appreciate the contributions of CBIC in overseeing customs and taxation regulations.”
- “As we observe this special day, let’s appreciate the silent but impactful work of CBIC, ensuring the smooth administration of Customs, GST, and contributing to a robust economic framework.”
- “This day stands as a tribute to the unsung heroes shaping economic policies and safeguarding our nation’s financial integrity.”
- “We applaud the commitment of those involved in preventing smuggling, ensuring fair taxation, and fostering a prosperous economic landscape.”
- “Dedication on this day reflects their vital role in building a transparent and accountable tax system, essential for our nation’s progress.”
- “This day celebrates the spirit of those working tirelessly to uphold tax compliance, prevent corruption, and contribute to India’s economic development.”
- “As we mark this day, let’s recognize the unwavering commitment to creating a seamless and just taxation system for the betterment of our society.”
