We demonstrate a facile liquid phase exfoliation method by only using perchloric acid to synthesize graphene quantum dots (GQDs) having excitation independent strong emission with a quantum yield of about 14%. The proposed simplified synthesis strategy can help in overcoming the limitations of existing aqueous routes which produce GQDs with excitation dependent emission and of low quantum efficiency. Photoluminescence (PL) properties of GQDs have been studied in detail to understand the origin of emission. As-synthesized GQDs show excitation independent photoluminesce (PL) which suggests that the synthesized materials do not have any significant defects. Spectral analysis suggests that the PL emission of the well-defined GQDs originates mainly from the peripheral functional groups conjugated with carbon backbone planes. We also demonstrate a relatively longer PL lifetime (average lifetime of about 10 ns) of the synthesized GQDs determined by time correlated single photon counting (TCSPC) measurement and this high lifetime suggests that the synthesized GQDs may be suitable for biomacromolecular probing. In addition, as-synthesized GQDs interestingly show delayed fluorescence and steady state anisotropy, which make the material an appropriate candidate for application in sensing and bioimaging of cells and organisms.