Which of the following statements is true about Goods & Services Tax (GST)?
1
GST subsumes erstwhile indirect state taxes like VAT, octroi, luxury tax, purchase tax only.
2
GST subsumes erstwhile indirect central taxes like customs duty, central excise duty and service tax only.
3
GST subsumes all erstwhile indirect state and central taxes as mentioned above.
4
There are two types of GST in India.