Which of the following statements are true regarding the Constitution (One Hundred and First Amendment) Act, 2016? I. GST Act is a comprehensive direct tax on manufacture, sale and consumption of goods and services throughout India. II. The Act will transform India into a common market, harmonising myriads of State and Central levies into a national goods and services tax which is expected to boost manufacturing and reduce corruption. III. It provides for Constitution of a Goods and Services Tax Council by inserting Article 297A in the Constitution. IV. GST will be based on input tax credit method. (AILET 2017)