GAIL (India) signs advance pricing agreement with CBDT

GAIL (India) and the Central Board of Direct Taxes (CBDT) today 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.

The APA Scheme enhances the government's goal of promoting a non-adversarial tax system and improve the ease of doing business in India. GAIL is the first PSU in oil & gas sector in India to successfully sign the APA.

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