write a short note on ONGC and ISD
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Answer:
ONCG
Oil and Natural Gas Corporation (ONGC) is an Indian public sector multinational crude oil and gas company. Its registered office is in New Delhi. It is owned by the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. It is the largest oil and gas exploration and production company in the country, and produces around 70% of India's crude oil (equivalent to around 57% of the country's total demand) and around 84% of its natural gas.[5] In November 2010, the Government of India conferred the Maharatna status to ONGC.
ISD
An Input service distributor (ISD) is a business which receives invoices for services used by its branches. It distributes the tax paid, to such branches on a proportional basis by issuing an ISD invoice. The branches can have different GSTINs but must have the same PAN as that of ISD.
Explanation:
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Oil and Natural Gas Corporation (ONGC) is an Indian public sector multinational crude oil and gas company. Its registered office is in New Delhi. It is owned by the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas. It is the largest oil and gas exploration and production company in the country, and produces around 70% of India's crude oil (equivalent to around 57% of the country's total demand) and around 84% of its natural gas. In November 2010, the Government of India conferred the Maharatna status to ONGC.
In a survey by Government of India for fiscal year 2019–20, it was ranked as the largest profit making PSU in India. It is ranked 7th among the Top 250 Global Energy Companies by Platts.
Input Service Distributor (ISD) means an office of the
supplier of goods or services or both which receives tax
invoices towards receipt of input services and issues a
prescribed document for the purposes of distributing the
credit of central tax (CGST), State tax (SGST)/ Union
territory tax (UTGST) or integrated tax (IGST) paid on
the said services to a supplier of taxable goods or services or
both having same PAN as that of the ISD.