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Competition watchdog growing extra fangs to examine if input tax credits and lower tax are resulting in price cuts

This notification will come into force from December 1, 2022

November 24, 2022 / 09:07 AM IST
(Representative image: Reuters)

(Representative image: Reuters)

The government will empower the Competition Commission of India to examine whether input tax credits availed by any registered person and reduction in tax rate have resulted in a reduction in the price of the goods or services supplied by the person.

The move is based on a recommendation of the Goods and Services Tax Council, according to a government notification.

This notification will come into force from December 1, it added.

The Competition Commission of India is a statutory body set up under the Competition Act, 2002 with the primary purpose of regulating competition in the market. It plays a significant role in protecting the interests of consumers.

The body became functional in 2009, seven years after the Competition Act was passed in 2002 with the aim of promoting healthy competition.

The anti-trust watchdog is required to protect the Indian markets against activities which may have adverse effects on competition.
Moneycontrol News
first published: Nov 24, 2022 09:07 am