Why do we celebrate Central Excise Day?
Why do we celebrate Central Excise Day?
Central Excise Day honours the contribution of the Central Board of Indirect Taxes and Customs to the country, the officers associated with it and their services. Central Excise Day is observed on February 24 and it commemorates the Central Excise and Salt Act which was enacted on 24th February 1944.
What is meant by central excise duty?
Central Excise Duty Central excise duties are levied by the Union Government on commodities manufactured or produced within the country and consumed within the country, as against the State excise duties which are levied on alcoholic drinks, opium, etc.
What is the full form of CBIC?
Central Board of Indirect Taxes & Customs (CBIC), Department of Revenue, Ministry of Finance is responsible for formulation of policy relating to levy and collection of Indirect taxes namely, Customs duty, Central Excise duty Central Goods and Service tax.
What is the theme of Central Excise Day?
Central Excise Day 2022: Significance The day honours the contribution of the Central Board of Indirect Taxes and Customs (CBIC) to the country and the officers associated with it and their services. The day also encourages the officers to carry out their duties with utmost sincerity.
Who is the excise minister of India?
FM Nirmala Sitharaman rebuts Opposition flak on excise duty cuts, says move does not impact state sharing of taxes.
What are types of excise duty?
Types of Excise Duty
- Basic Excise Duty: Basic Excise Duty is levied under Section 3 of the Central Excises and Salt Act, 1944.
- Special Excise Duty: Central Excise Duty is charged under Section 37 of the Finance Act, 1978.
- Education Cess on Excise Duty: According to Section 93 of Finance (No.
How excise duty is charged?
An excise duty is a type of indirect tax that is levied on the sales of particular goods. This tax is not paid directly by the customer but is passed on to the consumer by a merchant or producer of goods as a part of the price of the product.
What is CBIC and CBN?
SSC Havaldar 2022 CBIC/CBN Exam Dates OUT: The online registration for SSC Havaldar Central Board of Indirect Taxes & Customs (CBIC) and Central Bureau of Narcotics (CBN) 2022 Recruitment will end on 30th April 2022.
Who introduce GST in India?
Seven months after the formation of the then Modi government, the new Finance Minister Arun Jaitley introduced the GST Bill in the Lok Sabha, where the BJP had a majority. In February 2015, Jaitley set another deadline of 1 April 2017 to implement GST.
What is the meaning of excise Day?
Central Excise Day is celebrated on 24 February every year to honour the efforts, services, and contributions of the ‘Central Board of Indirect Taxes and Customs’ ( CBIC) for the country. This day is celebrated to honour every member of the CBIC, which is an important government body.
Who is revenue officer in India?
The term revenue officer refers to an individual who collects revenues on behalf of the government or some other agency. Revenue officers typically collect monies in the form of taxes and/or duties. The specific responsibilities of a revenue officer depend on the particular organization that employs the individual.
Is VAT an excise tax?
Excises are typically imposed in addition to an indirect tax such as a sales tax or value-added tax (VAT).
What is difference between excise duty and GST?
Excise duty is levied on the manufacture of goods and levied at the time of removal of goods. While GST will be levied on the supply of goods and services. In GST, Excise duty’s place has been taken by Central GST as excise is levied by Central Government and revenue from CGST will also be of Central government.
Who is a father of GST?
In India, it was the Government of India headed by former Prime Minister Atal Bihari Vajpayee who set up a committee headed by former Finance Minister of West Bengal, Asim Dasgupta to look into the prospects and modalities of implementing GST in India. GST was finally launched in India in 2017.
Who is father of GST in India?
2000: In India, the idea of adopting GST was first suggested by the Atal Bihari Vajpayee Government in 2000. The state finance ministers formed an Empowered Committee (EC) to create a structure for GST, based on their experience in designing State VAT.
What is the theme of central excise Day?
Is IAS or IRS better?
An IAS is the administrative head of almost all the departments in the Central and State Governments. The facilities and perks an IAS officer gets are superior to that of an IRS officer’s. The IAS provides faster promotions compared to the IRS.
What is the difference between excise and VAT?
VAT means Value Added Tax. VAT is meant for State government and Central Excise Tax is levied by central government. Central excise Tax is levied up on manufacture of excisable goods in India. But VAT is charges at the time sale of goods within the state.