Explanation:

Both statements are correct.

• Industrial alcohol, also known as denatured alcohol or methylated spirits, is ethanol that has additives to make it non-potable or unsuitable for human consumption. It is primarily used in industrial applications, such as solvents, fuel, and as an ingredient in the production of various chemicals and products. Currently, excise duty applies only on petroleum and liquor. After the introduction of the Goods and Services Tax (GST), many types of excise duty were subsumed, but excise duty continues to apply to petroleum and alcoholic beverages that are not covered by GST.

Hence option 3rd is correct.