Consider the following statements related to the  Payment of Gratuity Act, 1972.

1. The Payment of Gratuity Act, 1972 directs establishments with 20 or more employees to provide the payment of 15 days of additional wages for each year of service to employees who have worked at a company for five years or more.

2. The employer can, however, reject the payment of gratuity to an employee if the individual has been terminated from the job due to any misconduct.

3. Gratuity is exempt from taxation provided that the amount does not exceed 30 days’ salary for every completed year of service calculated on the last drawn salary.

Which of the above statement is/are correct?