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SAC CODE - 997111 : Central banking services
GST RATE ON SAC CODE - 997111 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99711 | Financial services (except investment banking, insurance services and pension services) |
| 997111 | Central banking services |
Services Accounting Codes (SAC Codes) 997111 is used for the Central banking services under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Financial and related services.
How Services Accounting Codes (SAC Codes) 997111 - is Derived?
A uniform format is followed to generate the Service Accounting Code.
The first two digits are 99 always for services.
The next two digits 71 represent the major nature of service, Financial and related services in this case.
The next two digits 11 represent the detailed nature of service, Central banking services in this case.
Explanation Of SAC CODE - 997111
- services which support the country's systems for clearing and settling payments and other financial transactions
- services of maintaining deposit accounts for major financial institutions and for the central government
- services of implementing monetary policy
- services of managing the government's foreign exchange reserves
- services of influencing the value of currency
- currency services under the authority of the central bank, including currency design and production, issuing, distribution and replacement
- fiscal agency services including advisory services to the government on matters relating to the public debt, issuing debt instruments, maintaining bondholder records and making interest and redemption payments on behalf of the government
- supervisory activities with regard to banks and/or non-banks if undertaken by the central bank
- other central banking services n.e.c.
FAQs on SAC Code 997111
What is SAC Code 997111?
SAC Code 997111 refers to "Central banking services" under the Services Accounting Code (SAC) system for services under GST. It falls under the heading "Financial and related services".
What is the GST rate applicable on SAC Code 997111?
The GST rate for SAC Code 997111 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997111?
This service code includes services which support the country's systems for clearing and settling payments and other financial transactions services of maintaining deposit accounts for major financial institutions and for the cent…
Is SAC Code 997111 the same as HSN Code 997111?
No. SAC codes are used for services, whereas HSN codes are used for goods. Since services fall under GST Chapter 99, SAC codes are sometimes informally referred to as HSN codes in common searches.
How is SAC Code 997111 derived?
SAC codes follow a structured format: the first two digits (99) indicate services, the next two digits represent the major service category "Financial and related services", and the last two digits specify the detailed nature of the service "Central banking services".
Where can I verify the latest GST rate for SAC Code 997111?
You can verify the latest and applicable GST rate from the official CBIC website at https://www.cbic.gov.in.
Disclaimer: The information provided above is for general reference only. SAC descriptions and GST rates are subject to change based on notifications issued by the Government of India. Users are advised to verify the latest and applicable details from the official CBIC (Central Board of Indirect Taxes & Customs) website.