Concerning the GST Council's regularization of taxation issues, consider the following statements:
1. The GST Council is deciding on whether packets of cereals, pulses, and flour over 25 kg should attract 5% GST.
2. The council might exclude agricultural produce in packages over 25 kg from the labeled commodity category.
3. Tobacco products currently attract the highest GST rate of 40%.
Which of the above statements is/are correct?
Explanation: Statements 1 and 2 are correct regarding the GST Council's considerations. Statement 3 is incorrect as tobacco products attract the highest GST rate of 28% with additional cess, not 40%.
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