The Central Excise and Customs Department, under the Union Ministry of Finance, celebrates Central Excise (CBEC) Day on 24 February every year in the country. This is because, on this day i.e. 24 February 1944, the Central Excise and Salt Act were enacted. Hence CBEC Day is observed on 24 February.
The reason behind the observance of this day is to explain the importance of excise and service tax among the common people. The Central Board of Excise and Customs comes under the Department of Revenue of the Union Ministry of Finance. It is an indirect tax.
History of Central Excise and Customs
CBEC is an indirect tax, which applies to all types of products manufactured in factories. The Excise Department was established in 1855 under British rule. Since 1994, various types of services have also been placed in the Excise duty category. It is known that the Modi government has implemented Goods and Services Tax (GST) with effect from July 1, 2017, on indirect taxes.