The Central Board of Excise and Customs (CBEC) celebrates Central Excise Day every year on February 24 all over the country. This occasion is dedicated to Central Excise Day and Salt Act, which was enacted on 24 February 1944.
One of the oldest government agencies, CBEC organizes events to commemorate Central Excise Day. Across the country, the Central Excise officers organize seminars, workshops, trade interactions and cultural events on this day.
Some of the government departments also provide holidays in recognition of the contribution of the Central Board of Excise and Custom to the country’s economy.
CBEC collects tax over manufactured goods, which is used for education and healthcare schemes. Central excise plays a vital role in strengthening the economy. Officials of the CBEC also work to prevent corruption in the goods manufacturing business.
Keys points about the Central Board of Excise and Customs:
- Central Board of Excise and Customs (CBEC) is a part of the Department of Revenue under the Union Ministry of Finance.
- The Board is the administrative authority for its subordinate organizations, consisting of Custom Houses, Central Excise and Service Tax Commissionerates and the Central Revenues Control Laboratory.
- The board primarily deals with the Customs Act, 1962, Customs Tarriff Act, 1975, Central Excise Act, 1944 and Service Tax Act.
- After the rollout of the Goods and Services Tax (GST) from 1 July 2017, the activities of the board will be guided by the GST-related Acts.
- The CBEC works on policy formulation concerning levy and collection of Customs and central excise duties and service tax.
- The CBEC also deals with issues related to smuggling and administration of matters relating to Customs, central excise, service tax and narcotics to the extent under the CBEC’s purview.
