This study presents development of an inexpensive modular system based on the measurement of time of flight (ToF) of a projectile between two parallel laser screens for velocity measurement of small caliber projectiles and can be used for both indoor and outdoor ranges. System design consists of a single source (laser diode) and a single detector is used to construct two screens. It also provides better velocity measurement accuracy because both screens are generated from same source and have same sensitivity. Velocity measurement accuracy of system is better than 0.08%. A 100 MHz digital oscilloscope is used to measure ToF, which provides 20 ns time base accuracy.