1 It's is the usual spoken form of `it is'.
It's the best news I've heard in a long time.
2 It's is the usual spoken form of `it has', especially when `has' is an auxiliary verb.
It's been such a long time since I played.
Translation English Cobuild Collins Dictionary
fashionable, happening (informal) in (informal) latest (informal) modern, modish, progressive, stylish, swinging (slang) trendy (Brit. informal) up-to-date, up-to-the-minute, vogue
English Collins Dictionary - English synonyms & Thesaurus
it's got bits in it
means a liquid is not clear: this tea's got bits in it, I don't like yogurt with bits in it
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