Consider the following statements regarding the Goods and Services Tax (GST) in India:
- GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
- GST is levied at multiple points in the supply chain, with credit for the taxes paid at previous stages available as a set-off.
- GST replaces multiple direct taxes like VAT, service tax, excise duty, and others.
Which of the above statements are correct?
1
1 and 2 only
2
2 only
3
1 and 3 only
4
2 and 3 only
5
1, 2, and 3