Which of the following is true regarding "GST"?

1. One nation-one tax
2. Decrease in prices
3. Production based tax

1 and 2

The correct answer is Option 1: 1 and 2

GST is not a production-based tax; instead, it is a consumption-based tax where the tax is levied on the value added at each stage of production and distribution. Therefore, the statement about production-based tax is not true regarding GST.

GST (Goods and Services Tax) is often referred to as a "one nation-one tax" system because it aims to create a unified tax structure across the entire country, replacing multiple indirect taxes levied by central and state governments.

GST is also intended to decrease prices by eliminating the cascading effect of taxes, where taxes were levied on top of taxes under the old tax system, thereby reducing the overall tax burden on goods and services.