New Delhi: Central Excise Day is observed on February 24 and it commemorates the Central Excise and Salt Act which was enacted on 24th February 1944. The annual event highlights the essential role played by the Central Excise Department in the industrial development of the country.
History of Central Excise Day:
Central Excise and Salt Act was passed on this day in 1944.
The act was implemented to consolidate and do amendments in the law related to Central duties and salt.
The act was a combination of 11 acts regarding excise duties.
Later the act was renamed The Central Excise Act, 1944.
A new act named, The Central Excise Tariff Act (CETA) 1985, was introduced in 1985 and was incorporated in the old Central Excise Act, 1944.
Central Board of Indirect Taxes and Customs (CBIC)
The Central Board of Indirect Taxes and Customs is formerly known as the Central Board of Excise and Customs (CBEC).
The CBIC is a part of the Department of Revenue under the Ministry of Finance, Government of India.
It deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST.
It also helps in prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST and Narcotics.
The Board is the administrative authority for its subordinate organisations, including Custom Houses, Central Excise and Central GST Commissionerates and the Central Revenues Control Laboratory.
