The Government of India observed Central Excise Day 2022 on 24th February // Some Information about Central Excise Day // 2022 25th February Current Affairs //

The government of India observed Central Excise Day 2022 on 24th February:

The Government of India observed Central Excise Day on February 24. The day highlights and celebrates the essential role played by the Central Board of Indirect Taxes and Customs (CBIC) in the industrial development of the country. It also encourages Central Excise officers to carry out their roles in a more efficient manner and educate industries on essential parameters to cut down on the corruption level.

Why 24th February as Central Excise Day?

Ok, it's all about History. On 24th February 1944, the British India Administration enacted Central Excise and Salt Act, 1944. It makes way for an easier tax-paying framework by scrapping old acts like Indian Salt Act (1882), Madras Salt Act (1884), Bombay Salt Act (1890) and other excise related acts.

About Excise Duty:

It's a type of tax or duty charged over manufactured goods during manufacturing within the country.

SPECIAL NOTES FOR ASPIRANTS:

• Excise Duty is a type of Indirect Tax.

• Central Board of Indirect Taxes and Customs (CBIC) chairman- Vivek Johri.

• CBIC is under the Ministry of Finance.

• Govt of India Introduced Goods and Service Tax(GST) on 1st July 2017.

• 8 November 2016 Govt of India announced the demonetisation of old INR 500 and 1000 Notes.