Which of the following statements is/are correct in respect of the three-year plan unveiled by the former Finance Minister Pranab Mukherjee for moving to a Goods and Services Tax (GST) regime?

I. The GST will have Central GST as well as State GST. II. The first year of GST will have three rates. III. GST will have only a single rate for goods as well as services from third year onwards.

Former Finance Minister Pranab Mukherjee unveiled a three-year plan for moving to a single-rate goods and services tax (GST) regime of 16 per cent for the Centre as well as the states. He suggested, the Centre to adopt a three-rate formula. While Mukherjee proposed that the rate of taxation for services be fixed at 8 per cent, a dual-rate regime for goods was recommended at the meeting of the empowered committee of state finance ministers. The Centre plans to keep a lower rate of 6 per cent for certain goods and maintain a standard rate of 10 per cent in the first year. In case the states agree to the formula, the standard GST rate had been 20 per cent since the states and the Centre will levy 10 per cent each on goods. For products which attracted a lower rate, the total GST burden had been 12 per cent, assuming that the Centre and the states agreed to levy 6 per cent each on these products.