The GST Council has approved the Bill related to compensation for loss of revenue. Which fact is true regarding GST?

• A. With the implementation of GST, all indirect taxes applicable at the central and state level will be subsumed in it.
• B. It is a consumption based tax system that will be levied on the sale, manufacture and consumption of goods and services. With this, a uniform indirect tax regime will be implemented across the country.
• C. (1) and (2) both
• D. neither of the above