Which of the following statements about GST is/are correct? 1. It is a destination-based consumption tax. 2. It subsumes all central and state indirect taxes. 3. Petroleum products are presently outside GST. 4. The GST Council is a constitutional body.
Explanation:
Revaluation surplus is a non-cash adjustment that affects the carrying amount of the asset and equity, but it does not involve any actual cash flow. Therefore, it is not reflected in the cash flow statement.
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