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SAC CODE - 997112 : Deposit services

GST RATE ON SAC CODE - 997112 IS 18%


SAC CODE Description
9971Financial and related services
99711Financial services (except investment banking, insurance services and pension services)
997112Deposit services

Services Accounting Codes (SAC Codes) 997112 is used for the Deposit 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) 997112 - 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 12 represent the detailed nature of service, Deposit services in this case.

Explanation Of SAC CODE - 997112

This service code includes: 
  1. demand, notice and term deposit services 
  2. administration of bank accounts 
  3. chequing services such as certification of cheques, exchanging cheques or withdrawal slips for money, remitting cheques forwarded for collection 
  4. transferring money between accounts 
  5. providing documents to clients
This service code does not include: 
  1. wrapping, rolling or otherwise handling currency and coin on behalf of customers :- 998542 
  2. collection services of drafts, cheques and other bills of exchange received on a collection basis cashed or taken on deposit :- 998592 
  3. collection services of accounts or monies receivable under assignment of accounts or contracts :- 998592

FAQs on SAC Code 997112

What is SAC Code 997112?

SAC Code 997112 refers to "Deposit 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 997112?

The GST rate for SAC Code 997112 is 18%. GST rates are subject to change based on government notifications.

Which services are covered under SAC Code 997112?

This service code includes: demand, notice and term deposit services administration of bank accounts chequing services such as certification of cheques, exchanging cheques or withdrawal slips for money, remitting cheques forw…

Is SAC Code 997112 the same as HSN Code 997112?

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 997112 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 "Deposit services".

Where can I verify the latest GST rate for SAC Code 997112?

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.