Central Excise Day 2023: Celebrating the Power of Taxation

February 24, 2023 Angelo Castelda Lifestyle 0

Excise duty

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Central Excise Day is celebrated every year on 24th February to commemorate the introduction of the Central Excise Act in 1944. This Act was passed to provide for the levy and collection of excise duties on certain goods manufactured or produced in India. The Central Board of Indirect Taxes and Customs (CBIC) organizes various activities to mark this special day.

History of Central Excise Day

The Central Excise Act was introduced in 1944 by the British Government to tax the production and manufacture of goods within India. This Act was passed to help the Government raise funds to finance World War II. The Central Excise Department was established in 1945 to administer the Act. Central Excise Day is celebrated to commemorate this Act’s introduction and recognize the role of the Central Excise Department in India’s economic development.

Significance of Central Excise Day

Central Excise Day is an important day as it marks the introduction of the Central Excise Act, which has been playing a crucial role in the economic development of India. The Central Excise Department collects taxes on the production and manufacture of goods, which in turn helps the government raise funds for various development projects.

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The Central Excise Day also serves to recognize the hard work and dedication of the Central Excise Department. The Central Excise Department collects taxes from the manufacturers and producers of goods in India. This helps the Government to finance various developmental projects and schemes.

Celebrations of Central Excise Day

The Central Board of Indirect Taxes and Customs (CBIC) organizes activities to mark Central Excise Day. The CBIC organizes seminars and workshops to educate the public about the importance of the Central Excise Act and the role of the Central Excise Department in India’s economic development.

The CBIC also organizes essay writing, quiz, and painting competitions to encourage public participation in the celebrations. Various awards are also given to individuals who have contributed significantly to the Central Excise Department.

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About Angelo Castelda 111 Articles
Angelo Castelda works as a feature writer in Asia. In his free days, he likes to read books and magazines about the latest architectural news and trends. This ultimately made him fall in love with architecture and now spends most of his time writing about it.