Taxes are the foremost concern during financial mapping, but the roads of development are built on the very ounce of national tax schemes, and 'Central Excise Day' is celebrated to remember the establishment of the Central Excise and Salt Act, of 1944.
This is a national memorandum to recount and trace the significance, work, and schemes of the Central Board of Indirect Taxes and Customs, CBIC on February 24. With historic roots in the 'Namak Satyagraha', the 'Central Excise and Salt Act' came in 1944, but the 'Central Excise Act' was declared in 1966 after a change.
CBIC and the Major Areas Of Focus
Currently, the CBIC regulates GST policies in India to make financial mapping transparent and easy. The key responsibilities of CBIC officers are combating corruption and ensuring awareness to contribute to national growth. Apart from regulating the Goods and Service Tax (GST), the board also regulates the quality and production of products.
As listed on the official portal, the CBIC intends to promote 'Make in India', 'Economic Progress', the unfettered flow of goods & services, and employment. But the impact and efficiency of such claims are a blistering issue to tackle.
The Notes Of Rebel
After the new amendment in the GST Act, goods and services taxes are applied at the common proportions of 0%, 5%, 12%, 18%, and 28%, while the lower GST tax rates are applicable with a 1.5%, 5%, and 6% ratio. The opposition, activists, and political analysts have been criticising the excessive loads of GST since the BJP-led government came to power. Integrated Goods and Services Tax (IGST), State Goods and Services Tax , Central Goods and Services Tax, and Union Territory Goods and Services Tax are under the clutch of criticism after a considerable increase in percentage.
The GST has also been underlined in the ongoing farmers' protest in the national capital. Now, it's our responsibility to trace and track the records to understand the difference between official claims and ground realities.
