Will revenue investigations impose fines on goods that have passed the customs inspection?

But now all industry-businessmen have lost confidence . As a result, industries have been closed one after the other .

The industries that are running are also limited to production of only 20 to 25 percent of the production capacity . There is a situation of job loss due to non-operation of industry and trade. Most of the industries have reduced employment and many have reduced the employment by closing the industry itself . At the same time, there has been a decrease in revenue. Circulation of capital has not been done . There is no purchasing power in the current situation . Young people are migrating abroad. Demand in the market has not increased. As there is no demand, the market has reached a state of contraction.

Once upon a time the valuation system was implemented in customs . Today customs is moving from online system to paperless process in the future . But, why can't the government remove the customs assessment system? Why can't entrepreneurs work on real business and real bills? According to the customs assessment manual, if the bill is not brought, the customs department imposes a 50% penalty. To avoid this, some businessmen submit wrong bills. As a result, industrialists-businessmen in the secondary market are also called Hundi traders. The state should look at traders, industrialists and businessmen differently. It is necessary to change the view that all businessmen are thieves.

There are problems such as GST bill from India, submission of real bill through eBay bill, state does not recognize it, evaluates based on its own evaluation book, low and high billing, looking for real business in the market, government agencies do not trust each other and so on. If a trader does something wrong, he should be brought under the law . If the goods have been mis-declared in a sealed container that has been checked by the customs, such a trader should be punished and the container should be seized .

However, the revenue investigation has imposed fines on the goods that have passed the inspection by the customs. How fair is this arrangement? It is important to pay attention to it.

Businessmen were trying to make their business viable after coming out of the Corona epidemic. Soon after, Rastra Bank brought more working capital guidelines in monetary policy . Which created a negative role in big businessmen. We are not trying to say that bringing working capital guidelines is bad.

It is appropriate for the bank to facilitate the new industry-business according to the working capital guidelines. But many problems were created by binding the new and old to the same regulation in the working capital guidelines for established industries and businesses. Yesterday there was a problem of liquidity . Today there are sufficient foreign exchange reserves . The understanding of the state that looks at it is different . A foreign exchange reserve exceeding 12 months is a positive sign of the state . But that foreign exchange reserve should be able to be utilized . The goods banned by the state have not been revealed till date. As a result, those goods are coming to Nepal through illegal means . The government has lost revenue due to illegal entry of banned content. Legal trade is not encouraged, while illegal trade is increasing . The tax collected at customs is not the final tax. The government should adopt a policy to encourage businessmen who do legitimate business . If there is a legitimate business, taxes such as customs duties, income tax, and VAT will also encourage those who do legitimate business .

industries have not been able to pay the interest of the banks as the third quarter comes. The industrialist-businessman has the obligation to run the industry at 20 to 25 percent capacity and raise the expenses of 100 percent . No businessman can say that he does not pay tax if he does business. If you have taken a loan from the bank, you cannot say that you will not pay the loan or interest. But if there is a problem for the traders, the state should also facilitate it. The problem will not be solved by closing the industry and trade. The state also cannot have economic progress. If there is a financial problem in the industrialists due to the upcoming monetary policy, it can be solved by giving long-term time .

3 years ago, the banks had invested in the loans of industrialists and businessmen with an interest rate of 7 percent, but that interest rate has suddenly been increased to 14/15 percent . Now the interest rate is decreasing . But unless there is an environment for capital investment, interest alone cannot influence business . Now the real estate business is at a standstill. Banks have underinvested in real estate business . This time the monetary policy is to reduce the 150 percent risk weight to 125 percent . However, a bank is also a for-profit organization. Where there is a 50 percent risk weight, the investment attraction of the bank is attractive . This capital cannot come into the market unless the real estate business is operational and the bank invests.

There should be a single tax system . But there are three tiers of government. There is a pile of small tax system in industrialists and businessmen. We are ready to pay taxes . The federal government had to create the environment for paying taxes. After the introduction of GST tax in India, no document other than the bill of lading is required for domestic transport . Revenue is also rising significantly, trade has also been facilitated. But in Nepal, new circulars come every three months. It is the same with customs . Even going to the bank, it is said that the new circular of Rashtra Bank has come. Rastra Bank makes monetary policy but there is no arrangement for project financing . Even today there is an obligation to write three generations. Businessmen invest in many places . There is a policy rule that if one business goes into losses, it affects all the other businesses of that industrialist.

It is not possible to say that all the employees of the entire customs are wrong or that they are all correct . It cannot be said that all traders are good. It is difficult to implement such works unless both parties agree. If customs wants to be transparent, there are many mechanisms. It was the understanding of the nation that goods are being imported from third countries and illegal materials are being exported to India. As the government is being strict and India is liberalizing, banned goods are now being exported to Nepal through illegal means from India.

The government has so far banned the import of banana peas . Such materials are coming to Nepal through illegal means from India. By saying that the government will not lift the ban on such materials, the Nepali people do not use banana-peas, and the government named banana-peas as hashish-gaza . Despite the increase in foreign exchange reserves, domestic industries have collapsed . When to use those foreign exchange reserves ?

- Anil Aggarwal is the President of Birganj Industry and Commerce Association.