Google News
logo
Daily Current Affairs
On which day Central Excise Day is observed every year in India?
A)
22nd February
B)
23rd February
C)
24th February
D)
25th February

Correct Answer :   24th February


The Central Excise Day is celebrated in India every year on February 24 to commemorate the establishment of the Central Board of Excise and Customs (CBEC).

The day is observed to recognise the efforts of the Central Excise and Customs officials who work tirelessly to safeguard the country’s economy.

The Central Excise and Customs Department is responsible for collecting indirect taxes on goods and services in India and also the imported goods. It also ensures that these taxes are paid on time and that all imports and exports comply with the regulations and laws enacted by the government.


Central Excise Day History :

* The Central Excise and Salt Act was passed on February 24, 1944, to make changes in the law related to salt and Central duties.

* In total, it was a combination of 11 Acts concerning the excise duties. In 1985, a Central Excise Tariff Act was introduced and it became a part of the old Central Excises and Salt Act.

* With effect from September 28, 1996, the Act was known as the Central Excise Act 1944.


Central Excise Day Significance :

* The significance of Central Excise Day lies in recognising the hard work and dedication of the officials who work to collect taxes, prevent smuggling, and curb fraudulent activities.

* The day also highlights the role that the department plays in promoting economic growth and development.

* The Central Board of Indirect Taxes and Customs (CBIC) is responsible for administering Customs, Goods, and Service Tax (GST), Narcotics, Central Excise, and Service Tax in India.

Source : News18

Published On : February 24, 2023
Advertisement