Option 1 states that the GST Bill will replace all central taxes, duties, etc., only with a single tax. This means that all the current central taxes, duties, etc., will be replaced by a single tax under the GST regime. This is not entirely correct, as option 2 provides a more accurate statement.

Option 2 states that the GST Bill will subsume central as well as State taxes, duties, etc. This means that both central and state taxes, duties, etc., will be merged and replaced with the GST tax. This is the correct statement, as the GST Bill aims to streamline the tax system by eliminating the existing system of separate central and state taxes and replacing them with a single GST tax.

Option 3 states that GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent. This statement is incorrect since the GST rates for alcoholic liquor are determined by the GST Council and can vary depending on the state.

Option 4 states that petroleum and petroleum products will not be subjected to the levy of GST. This statement is correct as petroleum and petroleum products are exempted from the GST tax and will continue to be subject to the existing taxes.