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SAC CODE - 997113 : Credit-granting services including stand-by commitment, guarantees & securities
GST RATE ON SAC CODE - 997113 IS 18%
Services Accounting Codes (SAC Codes) 997113 is used for the Credit-granting services including stand-by commitment, guarantees & securities 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) 997113 - 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 13 represent the detailed nature of service, Credit-granting services including stand-by commitment, guarantees & securities in this case.
Explanation Of SAC CODE - 997113
- issuing and physical management of loans. These services may be provided by a number of different types of lenders, including, for example, banks and insurance companies.
- granting of loans for which the land or buildings are used as security
- home equity loans
- granting of personal non-mortgage installment loans with scheduled repayment plans
- line-of-credit loan services, that is, loan services based on a commitment to lend funds to a borrower up to a specified amount
- consumer loan services, that is, loan services extended for financing consumer purchases of goods or services where the purchased good is generally used as collateral
- granting credit when the holder of a credit card uses it to buy a good or a service, regardless of whether the balance is paid in full at the end of the grace period
- granting loans to investment dealers and brokers, regulated financial institutions, federal, regional and local governments or non-profit institutions, foreign governments, and other businesses
- standby, commitment and other loan services including overdraft services
- providing letters of credit
- acceptance services, that is, agreements by a bank or other financial institution to pay a draft or a credit instrument issued by an institution
- sales financing services
- other credit-granting services n.e.c.
- real estate appraisal services :- 997224
FAQs on SAC Code 997113
What is SAC Code 997113?
SAC Code 997113 refers to "Credit-granting services including stand-by commitment, guarantees & securities" 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 997113?
The GST rate for SAC Code 997113 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997113?
This service code includes: issuing and physical management of loans. These services may be provided by a number of different types of lenders, including, for example, banks and insurance companies. granting of loans for which the…
Is SAC Code 997113 the same as HSN Code 997113?
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 997113 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 "Credit-granting services including stand-by commitment, guarantees & securities".
Where can I verify the latest GST rate for SAC Code 997113?
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.