Economics · Taxation

With reference to the design and constitutional framework of the Goods and Services Tax (GST) in India, consider the following statements: I. GST follows the principle of destination-based consumption taxation, whereby tax accrues to the jurisdiction where final consumption occurs. II. The introduction of GST resulted in the subsuming of all major Central and State taxes, including income tax and corporate tax, into a unified tax structure. III. The seamless flow of Input Tax Credit (ITC) across the supply chain is fundamental to GST, though it is subject to restrictions imposed through law and rules. How many of the above statements are correct?