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The Social Orghan24 Feb, 2023Finance

Central Excise Day is celebrated on February 24th every year in India to commemorate the establishment of the Central Board of Excise and Customs (CBEC) in 1944. The day serves as a reminder of the importance of excise duty in India's economic growth and development. Excise duty is a form of indirect tax that is levied on the production, manufacture, and sale of goods. The tax is paid by the manufacturer or producer of the goods, and the cost is usually passed on to the consumer. Excise duty is a significant source of revenue for the government and is used to fund various developmental and welfare programs.