CCI extends deadline for comments on turnover of enterprises norms till Jan 25

Providing more time for stakeholders, fair trade regulator CCI on Tuesday said it has extended the deadline for submitting comments on the proposed draft regulations for determination of 'turnover' of enterprises..

The proposed regulation pertaining to "turnover" holds significance as it could impact the amount of penalties imposed on businesses for engaging in anti-competitive behaviour...

"CCI extends timeline up to 25.01.2024 for receiving stakeholder feedback on the draft Competition Commission of India (Determination of Turnover or Income) Regulations, 2023," the regulator said in a post on X...

The Competition Commission of India (CCI) 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 measure is aimed at framing norms for the purpose of imposition of penalties on enterprises and persons based on the turnover or income of such enterprises and persons...

In case an enterprise is required to prepare a consolidated financial statement under the rules, turnover or income shall be derived based on such audited consolidated financial statements, and if the audited financial statements are not available, the turnover should be determined based on the amount certified by the statutory auditor of the firm...

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