Every year on the 24th of February, National Excise Day is celebrated. In 1944, the Central Excise and Salt Act was enacted, which was the first law to impose excise duties on goods manufactured or produced in India. CBIC observes this day to acknowledge and appreciate the contributions made by taxpayers and excise department employees.
Taxes levied on goods made or produced within a country are referred to as excise duties. Indirect taxes are paid by manufacturers and producers, but ultimately, the burden is passed on to consumers through higher prices. The excise duty is a major source of revenue for the government, which funds various developmental and welfare programs.
National Excise Day: History
Central Excise Day dates back to 1944 when the government passed the Central Excise and Salt Act. Governments have collected transit taxes, excise duties, and similar taxes on salt as a source of revenue. The Central Excise Act was passed on Central Excise Day.
Each state collected and administered taxes independently before the Central Excise and Salt Act of 1944. By consolidating and streamlining the central excise and salt laws, the revenue collection process became more efficient. This important Act is commemorated and highlighted on Central Excise Day.
National Excise Day: Significance
In India, excise duty is administered and collected by the excise department. In addition, the department ensures that excise duty rules and regulations are followed, and it takes strict action against those who evade taxes or commit other malpractices. To ensure taxpayers comply with the laws and can discharge their obligations in a hassle-free and transparent manner, the department works tirelessly.
It is important to acknowledge the economic and social contributions of excise duty on National Excise Day. The day honors the hard work and dedication of taxpayers and excise employees. Taxpayers are also reminded to fulfill their obligations and contribute to the country’s growth and development on this day. It is an occasion to celebrate and cherish the spirit of taxation and its role in building a better tomorrow for all.
Read More: 24 February in Indian and World History
National Excise Day: Celebration
On National Excise Day, the general public is made aware of the importance of excise duty and its contribution to growth and development. In addition, it is an occasion to recognize the hard work and dedication of the employees of the excise department who work tirelessly to ensure that tax collection goes smoothly and without hiccups. The day is also marked by various events and activities organized by the CBIC and other government agencies to promote tax compliance and create awareness among taxpayers.Tags: 24 February, National Excise Day