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February 24- Central Excise Day
Excise duty is a huge source of revenue for state and the central government. Central Excise & Salt Act came into existence in 1944. Though, excise duties have a long history but officially in 1944, 11 acts were combined and named “Central Excise & Salt Act, 1944”. Though, in 1996, the name of the act was changed to “The Central Excise Act, 1944”. Central excise day is celebrated all over India on 24th February.
On this day, different programs are organized by the government authorities. Different states have different events to mark this day. Companies and employees are rewarded for their duty, sincerity and performance. In addition to awards and rewards, many other activities are also organized on this day. Several workshops and seminars are conducted for the staff members. Awareness programs are also run by the concerned departments and the higher authorities.
According to the original act, the Central Excise duty is levied on 67 items. Later on, 68th item was also added. Introduced as “all other goods not elsewhere specified”, this change caused various controversies. So the government came up with “The Central Traffic Act, 1985” (CETA) in 1985. Later on, this act was incorporated in the original Central Excise Act, 1944. The department is also liable to collect other types of duties levied under Additional Duties (Goods of Special Importance) Act, Additional Duties (Textiles and Textiles Articles) Act etc. Central Board of Excise and Customs (CBEC or Board) administers the Central Excise law.
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