The regulations aim to address the ambiguities in determining turnover/income of enterprises or persons, by specifying what the definition of turnover or income shall entail and how it will be determined even in case of entities earning in foreign currency. “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,” the regulator said in a note released Friday.
