. CBIC Issues FAQs on GST Rate Changes, Exemptions, ITC Rules, Composition Schemes, and Service Rates

The Central Board of Indirect Taxes and Customs (CBIC) issued detailed FAQs clarifying recent amendments related to GST rate changes, exemptions, Input Tax Credit (ITC) eligibility, composition schemes, and service tax rates. These FAQs aim to assist taxpayers and tax officials in understanding new regulatory changes introduced as part of GST 2.0 reforms, enhancing compliance, and reducing litigation risks. The clarifications touch upon common concerns regarding classification, transitional provisions, reverse charge mechanisms, and credit reversals, ensuring transparency and operational ease. Such regulatory guidance reflects the government’s ongoing efforts to streamline GST administration and promote a business-friendly tax ecosystem