With reference to GST Compensation Cess, consider the following statements:
1. The cess comprises the cess levied on sin and luxury goods for five years.
2. The entire cess collected during the year is required to be credited to a non-lapsable fund.
3. The collected compensation cess flows into the CFI and is then transferred to the respective state account.
Which of the statements given above is/are correct?
1
1 only
2
2 and 3 only
3
1 and 2 only
4
3 only