What was the reason for introducing the Advance Pricing Agreement (APA) Scheme in India?

1) Improving ease of doing business in India

2) To provide certainty to taxpayers in domain of transfer pricing

3) Monitoring Global price fluctuations in advance to take immediate corrective action

4) Coordinate Quantitative Easing (QE) policies across Central Banks of G-20 countries

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Consider the following statements about the Securities Transaction Tax (STT).

1) It is a type of an indirect tax.

2) It is levied on purchase or sale of securities that are listed on the Indian stock exchanges.

3) Off-market share transactions are also covered under it.

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Goods and Services Tax (GST) is a ‘Destination-Based’ Consumption Tax. This implies that

General Anti-Avoidance Rules (GAAR) may be applicable if

1) A tax officer believes that the main purpose or one of the main purposes of a transaction arrangement is to obtain a tax benefit

2) A foreign investment has been made with the main aim of expanding the business of its subsidiaries domestically

3) A corporation has not cleared its tax liabilities since several financial years

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Which of the following statements is correct about Indirect Tax?