CCI proposes new norms for turnover
The Competition Commission of India has proposed that indirect taxes, trade discounts, and intra-group sales will not be considered while computing the turnover of an entity for imposing a penalty for any violation of the rules.
The fair trade regulator has invited stakeholder comments on the proposed regulation by January 12 next year, according to a notice.
The measure is aimed at framing norms for the purpose of imposition of penalties on enterprises and persons based on turnover or income of such enterprises and persons.
“The Competition (Amendment) Act, 2023, inter alia, amended Section 27, 48 and Section 64 of the Act empowers the CCI to frame regulations for the purposes of imposition of penalty on enterprise and/or person based on turnover or income of such enterprise and/or person,” CCI said.
Under Section 27 of the Competition Act, 2002, the CCI can impose penalties on enterprises or individuals for participating in anti-competitive agreements or abusing a dominant position.
