GAIL signs advance pricing agreement with CBDT

Stocks

The pact was signed by Rasmi Ranjan Das of CBDT and R K Jain, Director (Finance), GAIL, the company said in a statement.

PTI

February 10, 2023 / 01:47 PM IST

GAIL (India)

GAIL (India)

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}); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } } 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.” The gas utility firm has contracts with the US suppliers to buy 5.8 million tonne per annum of liquefied natural gas (LNG).