Consider the following statements regarding taxation trends in India for the last five years:
1. There has been a consistent decrease in gross tax revenue as a percentage of Gross Domestic Product.
2. There has been a consistent decrease in the Centre’s Debt-GDP ratio.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2