Goods And Service Tax (B.Com) 3rd Sem Previous Year Solved Question Paper 2022

An Electronic Credit Ledger is a fundamental element within the Goods and Services Tax (GST) system, particularly in countries like India. It serves as a digital repository where registered taxpayers maintain records of the Input Tax Credit (ITC) that they are eligible to claim. The ledger is accessible online 
through the GST portal, enabling businesses to track and manage their available tax credits. ITC can be claimed when the tax paid on purchases and expenses is offset against the GST collected on sales. The Electronic Credit Ledger ensures transparency and accuracy in this process, helping businesses comply with GST regulations and facilitating smoother tax calculations and returns. It is a critical tool for maintaining tax compliance and minimizing the cascading effect of taxation in the GST system.