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<h1>GST Exemption Removed for RBI Services and Clarified for State Guarantees Under Notification No. 4/2022-Integrated Tax (Rate)</h1> Services under Heading 9971, which were previously exempt from GST, have been omitted following Notification No. 4/2022-Integrated Tax (Rate) effective from July 18, 2022. This exemption originally applied to services provided by the Reserve Bank of India. The Reserve Bank of India is defined as the bank established under the Reserve Bank of India Act, 1934. Additionally, there is clarification regarding GST on services supplied by state governments to their undertakings or PSUs for guaranteeing loans, as per Circular No. 154/10/2021-GST dated June 17, 2021.