Option 3: 1, 2 and 4 only is the correct answer.

Goods and Services Tax (GST) is a tax levied on the supply of goods and services in India. GST is a value-added tax that is levied at every stage of production and distribution. It is a comprehensive tax that replaces many indirect taxes previously levied on goods and services.

Now, let`s look at each item mentioned in the question and analyze their GST status:

1. Cereal grains hulled: Cereal grains hulled are exempt from GST under Schedule I of the GST Act, as they are considered to be agricultural produce. However, if they are further processed, such as milling or grinding, the resulting products are subject to GST.

2. Chicken eggs cooked: Cooked chicken eggs are not exempt from GST as they are considered a processed food item. Processed food items are generally subject to GST, unless they fall under any of the exemption categories mentioned in the GST Act.

3. Fish processed and canned: Processed and canned fish are not exempt from GST, as they are considered a processed food item. Like cooked chicken eggs, processed and canned fish are subject to GST, unless they fall under any of the exemption categories mentioned in the GST Act.

4. Newspapers containing advertising material: Newspapers containing advertising material are exempt from GST under Schedule III of the GST Act. However, if the newspaper contains only advertising material and no news, it is subject to GST.

Therefore, based on the above analysis, we can conclude that Option 3: 1, 2 and 4 only is the correct answer. Cereal grains hulled and newspapers containing advertising material are exempt from GST, while cooked chicken eggs and processed and canned fish are not exempt from GST.