Economics · Public Finance

With reference to the 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 direct taxes like income tax. III. The seamless flow of Input Tax Credit (ITC) across the supply chain is fundamental to GST, subject to statutory restrictions. How many of the above statements are correct?