Despite the opposition from the transporters, finance minister Dr Yuba Raj Khatiwada today inaugurated Internet-based Vehicle and Consignment Tracking System (VCTS) – a system of tracking commodities sold in the market – in the capital.
With the enforcement of the tracking system, all transportation companies, importers or entrepreneurs must have to make entry of their goods and consignments in a centralised website before transportation of goods from one destination to another inside the country, the Finance Ministry claimed. The Internet-based entry will be required only for wholesale entrepreneurs.
“The details of all the goods that are taken from one place to another for a commercial purpose must be registered under a centralised information system before they are transported,” according to the VCTS that is aimed at combating revenue leakage.
The government claims that VCTS is beneficial for truckers and entrepreneurs as it will end the hassles emanating from manual checking of documents during transportation, the private sector has asked the government some more time for adaptation to the new system as the country has no reliable Internet system yet. Though the government has made the system mandatory, the private sector has urged to roll out the system phase-wise. “The immediate and full-fledged implementation of the system is doubtful,” said vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Umesh Lal Shrestha.
The Department of Revenue Investigation (DRI) has warned that it will fine up to Rs 50,000 for the violators of the mandatory provision of entry of consignments in the website after three months –mid-October – of the new system that came into operation from today. “However, the second time offender will have to pay a fine of up to Rs 100,000,” it adds.
According to the department, the tracking system will ensure greater transparency in import business, check smuggling of goods and discourage the use of fake Value Added Tax (VAT) bill that has seen a steep drop lately.
The system – which will also be linked with the customs – will track all parties involved in business activities, ranging from importers to consumers, according to the department. “With the implementation of the tracking system, importers and entrepreneurs will be able to get real-time update of the movement of their consignments.”
The department will also remove its all 10 check-posts across the country after the implementation of the new system.
The Office of the Prime Minister and Council of Ministers has issued a circular on the VCTS – on July 8 –saying that it will be effective from July 17.
With the enforcement of the tracking system, all transportation companies, importers or entrepreneurs must have to make entry of their goods and consignments in a centralised website before transportation of goods from one destination to another inside the country, the Finance Ministry claimed. The Internet-based entry will be required only for wholesale entrepreneurs.
“The details of all the goods that are taken from one place to another for a commercial purpose must be registered under a centralised information system before they are transported,” according to the VCTS that is aimed at combating revenue leakage.
The government claims that VCTS is beneficial for truckers and entrepreneurs as it will end the hassles emanating from manual checking of documents during transportation, the private sector has asked the government some more time for adaptation to the new system as the country has no reliable Internet system yet. Though the government has made the system mandatory, the private sector has urged to roll out the system phase-wise. “The immediate and full-fledged implementation of the system is doubtful,” said vice president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Umesh Lal Shrestha.
The Department of Revenue Investigation (DRI) has warned that it will fine up to Rs 50,000 for the violators of the mandatory provision of entry of consignments in the website after three months –mid-October – of the new system that came into operation from today. “However, the second time offender will have to pay a fine of up to Rs 100,000,” it adds.
According to the department, the tracking system will ensure greater transparency in import business, check smuggling of goods and discourage the use of fake Value Added Tax (VAT) bill that has seen a steep drop lately.
The system – which will also be linked with the customs – will track all parties involved in business activities, ranging from importers to consumers, according to the department. “With the implementation of the tracking system, importers and entrepreneurs will be able to get real-time update of the movement of their consignments.”
The department will also remove its all 10 check-posts across the country after the implementation of the new system.
The Office of the Prime Minister and Council of Ministers has issued a circular on the VCTS – on July 8 –saying that it will be effective from July 17.
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