Electronic Liability Ledger
Definition
The GST portal ledger that records all tax, interest, penalty and other amounts a taxpayer owes for a period, and shows how those liabilities have been discharged from the cash and credit ledgers.
Related Terms in India GST
GST Compensation Cess
A cess levied on certain goods such as tobacco, aerated drinks and some motor vehicles, over and above the normal GST. It funds compensation to states for revenue shortfalls and has its own credit rules — cess credit can only be used against cess liability.
HSN Summary
A section of the GST outward-supply return that aggregates sales by Harmonised System of Nomenclature code, showing quantity, taxable value and tax for each code. The level of HSN detail required depends on the taxpayer's turnover.
GST Rate Slabs
The bands into which goods and services are classified for GST in India. After the GST 2.0 rationalisation effective 22 September 2025 the main slabs are 0%, 5%, 18% and 40%, with special rates of 0.25%, 1.5% and 3% for precious stones and metals.
Nil-Rated Supply
A supply that attracts a GST rate of zero per cent under the tariff. It differs from a zero-rated supply (exports/SEZ, where input credit is preserved) and from an exempt supply, and the distinction affects how input tax credit is treated.
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