Know why Central Excise Day is celebrated

Feb 24 2021 01:04 AM
Know why Central Excise Day is celebrated

Central Excise Day is observed every year on '24 February'. On this day in the year 1944, the Central Excise and Salt Law was created. The Central Excise Department has an important role in the industrial development of the country. This Ministry has reformed the tax system to make payment of taxes easier and has also increased the use of techniques.

The Central Excise Department has an important role in the industrial development of the country. This ministry has reformed the tax system to make payment of taxes easier and has also encouraged the experimentation of techniques. No nation could progress without a strong economy. Economic strengthening can happen only when we are able to fulfil our responsibilities with full commitment keeping national interest in mind. Be it a politician, a government officer/employee, or a common man. The financial management of our country is entirely dependent on various taxes collected from the public. Whether it is income tax, sales tax, central excise, customs duty etc.

The general public does not know much about Central Excise, as it is an indirect tax. Excluding agriculturally grown goods, factories are making decisions on almost all the goods being made, which started on 24 February 1944. Hence, 24 February was celebrated as Central Excise Day. About one-third of the entire income of the country is derived from the production duty. Since 1994, various types of services have also been classified as taxable services, as charged by the service provider in large amounts in lieu of those services. The responsibility of collecting this service tax is also with the Union Excise Ministry. This Ministry functions under the Union Ministry of Finance.

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