In what way did fiscal discipline reforms affect centre-state financial relations post-1991?

Consider two policy actions: Policy Action P (complete removal of capital gains tax on long-term equity) and Policy Action Q (implementation of a national GST with a single moderate slab). Evaluate these statements: Statement I: Policy P is classified as a Tax Reform. Statement II: Policy Q is fundamentally a Second Generation Reform due to Centre-State administrative restructuring. Statement III: Policy Q eliminates the cascading effect of taxes. Statement V: Policy Q is expected to reduce the overall CPI as the tax burden is lower than the combined pre-existing VAT, Excise, and Service Tax structure. Which combination of these statements is correct?