24 February 2017 Current Affairs: The Central Board of Excise and Customs (CBEC) on 24 February 2017 celebrated the Central Excise Day across the country.
To mark the occasion, the Central Excise officers all over the country organized seminars, workshops, trade interactions and cultural events.
The Central Excise Day is celebrated every year to commemorate the Central Excise and Salt Act, which was enacted on 24 February 1944.
Central Board of Excise and Customs : Central Board of Excise and Customs (CBEC) is a part of the Department of Revenue under the Union Ministry of Finance.
The CBEC deals with policy formulation concerning levy and collection of Customs and central excise duties and service tax.
The Board also deals with matters related to smuggling and administration of matters relating to Customs, central excise, service tax and narcotics to the extent under the CBEC's purview.
The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Service Tax Commissionerates and the Central Revenues Control Laboratory.
The board primarily deals with the Customs Act, 1962, Customs Tarriff Act, 1975, Central Excise Act, 1944 and Service Tax Act.
However, after the roll out of the Goods and Services Tax (GST) from 1 July 2017, the activities of the board will be guided by the GST-related Acts.