Import of high value goods drops

Though the overall import of goods has increased, customs revenue did not see any increase because imports of high value goods has dropped.

High value consignments like truck, bus, cement, clinker and rod has dropped as compared to last fiscal year, said deputy director general at the Department of Customs Madhusudan Pokharel.

“The trend of importing low value goods like food stuff, readymade garments and other luxurious goods has increased of late.”

The growth rate in the collection of customs duty has been affected due to the decline in imports of high value goods, according to him.

The data of growth rate in the import of goods and customs duty collection is not matching due to the decline in imports of high value goods.

Meanwhile, the Department of Customs has asked Inland Revenue Department to keep a hawk-eye vigil to effectively implement the provision of Maximum Retail Price (MRP).

The department had some months back declared the MRP for 11 goods, said deputy director general at the department Laxman Aryal. “Traders have principally agreed to implement the provision of MRP but frequent market monitoring is a must to strengthen compliance.”

The market monitoring team of the Department of Customs will also inspect the market to monitor tax compliance of Maximum Retail Price declared goods, he said. “However, regular monitoring from Inland Revenue Department will not only help increase MRP compliance but also mobilise other revenue from the market.”

The Department of Customs is facing problems in implementing the MRP provision in marble products among the recently MRP-declared goods, informed Aryal. “The declaration of maximum price in marble is not possible according to traders involved in the business.”

However, the department has started inspecting the import of marble products more strictly and will further tighten tax compliance of traders, he added.(Source:THT)

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