India Inc. barely took a sigh of relief after completing the implementation and first compliance cycle for Goods and Services Tax (GST), and the new compliances greet them. As the Government keeps taking steps to digitise the economy and increase the transparency, the Central Board of Direct Taxes (CBDT), on October 6, 2017, has issued draft rules on Country-by-Country Reporting (CbCR) and Master File (MF).   Specially for the Indian headquartered multinational groups (Indian MNCs) its back to drawing board and transfer pricing once again takes the centre stage in the board discussions. Rakesh Nangia, Managing Partner and Nitin Narang, Executive Director- Transfer Pricing contributed an article on Indian MNCs back to the drawing board for Hindu Business Line. Indian MNCs back to the drawing board- Rakesh Nangia