Central Excise Day- February 24th

• Central Excise Day is celebrated in India on 24^th February every year.
• This day is dedicated to the establishment of the Central Excise and Salt Act of 1944.
• This act was a combination of 11 acts regarding excise duties, and it was passed to make changes in the law related to salt and central duties.
• The day was first observed in 1944, and it is celebrated to commemorate the contributions of the Central Board of Indirect Taxes and Customs (CBIC) to the country.
• In 1966, the Central Excise and Salt Act underwent a name change to “The Central Excise Act 1944,” specifying values and rates of excise duties in Schedule 1 and 2 of the act.

About CBIC

• The Central Board of Excise and Customs (CBIC) is responsible for administering indirect taxes in India.
• The CBIC was established in the year 1944 to oversee the levy of central excise duties on goods and services produced or manufactured in India.
• Central Board of Excise and Customs was renamed the Central Board of Indirect Taxes and Customs in 2018.
• The Central Board of Indirect Taxes, under the Ministry of Finance, includes the Department of Revenue.
  • This board significantly contributes to formulating laws and policies related to Customs, Central Goods & Services Tax, Central Excise duties, IGST, and prevention of smuggling.