(ET)
State-owned GAIL (India) Ltd has signed an advance pricing agreement with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The pact was signed by Rasmi Ranjan Das of CBDT and R K Jain, Director (Finance), GAIL, the company said in a statement.
“GAIL and CBDT entered into a landmark advance pricing agreement (APA) for determining the transfer pricing margin payable on its long-term LNG sourcing contract from USA for the period of five years,” it said. “The APA scheme enhances the government’s goal of promoting a non-adversarial tax system and improve the ease of doing business in India.”
