Central Excise Day is observed in India on February 24 every year. The Central Board of Excise and Customs (CBEC), one of the oldest government agencies, organises events to commemorate Central Excise Day. February 24 is dedicated to Central Excise Day because the date marks the enactment of the Central Excise and Salt Act in 1944. A holiday is also declared in some government departments in recognition of the contribution of the Central Board of Excise and Custom to the country's economy. Punjab Cabinet Approves New Excise Policy 2020-21, To Focus on Maintaining Stability in Liquor Trade.

Officials of the Central Board of Excise and Custom collect tax over manufactured goods, which is a major source of revenue for the government. The tax collected by the CBEC is used for education and healthcare schemes. The central excise plays a vital role in strengthening the economy. Central excise officials also work to prevent corruption in the goods manufacturing business and enforce the Central Excise and Salt Act in 1944. Over 1.03 Crore Businesses Have Registered Under Goods and Services Tax Regime.

Central excise departments carry out duties such as checking the avoidance of the tax payable, protecting the country from smuggling activities and collecting the revenues to financially support the country. Central Excise Day is celebrated to encourage the employees of excise departments to carry out the central excise duties. The CBEC honours its employees and lists out their accomplishments. On Central Excise Day, speeches are delivered highlighting the importance of better tax observance.

(The above story first appeared on LatestLY on Feb 24, 2020 09:00 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).