Central Excise Day is observed every year on ’24 February’. On this day in the year 1944, the Central Excise and Salt Law was enacted. The Central Excise Department has an important role in the industrial development of the country. This Ministry has reformed the tax system and also increased the use of techniques to make payment of taxes easier.
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 use of techniques. No nation can progress without a strong economy. Economic strength can only happen when we are able to fulfill our responsibilities with full commitment keeping national interests in mind. Be it a politician, a government official / 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. Factories are deciding on almost all goods, except for agriculturally grown goods, which began on 24 February 1944. Therefore, 24 February was observed as Central Excise Day. About one third of the entire income of the country is derived from production duty. Since 1994, various types of services have also been classified as taxable services, as opposed to those services being taken in large amounts by the service provider. The responsibility of collecting this service tax also rests with the Union Excise Ministry. This ministry functions under the Union Ministry of Finance.