BANK SBI PO Mock Test Series 2025 (Pre + Mains) English Verbal Ability Sentence Completion

Below a paragraph is given followed by five sentences. Identify which sentence/s can be the correct sentence of the paragraph to make the paragraph complete and coherent.

In the Indian federal tax system since 1935, the Constitution armed the Union and the states with a large number of taxes that they could levy. Capsizing a variety of taxes into a single GST has been a revolutionary step in simplifying the tax regime. The other central task in GST was to create a system wherein credit of tax paid on inputs is laid out as an unbroken chain, starting with the initial stage of production from raw materials to the final stage of supply to a consumer.(-------------------------------). Moreover, the extent of revenue loss on account of the ITC system is astounding. The leap forward with respect of ITC has clearly missed its threshold and more needs to be done.

1
The GST law has placed a clutch of other regulatory controls to check tax evasion under which input suppliers must file details of supplies made by them in a report (GSTR 1) and the input recipient must file details of inputs received by him in a report (GSTR 2).
2
The ITC system envisions that a claimant would seek an ITC against the tax invoice issued by the supplier of that input, provided the supply has been received by the recipient.
3
This system, known by its acronym ITC (input tax credit), came with severe restrictions and punitive measures that traders have resented and so far not let these come into force.
4
Many traders have been dealt unjustly due to GST provisions. The law presumes that if a recipient is in possession of an invoice whose maker cannot be traced, then the supply was fake and no tax was paid.
5
The measure has shored up revenue collection in the short run and is, on the face of it, designed to herd the trade into the thorny field of GST tax compliance with its invoice matching system and harsh penal clauses.
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