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SAC CODE - 997114 : Financial leasing services
GST RATE ON SAC CODE - 997114 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99711 | Financial services (except investment banking, insurance services and pension services) |
| 997114 | Financial leasing services |
Services Accounting Codes (SAC Codes) 997114 is used for the Financial leasing 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) 997114 - 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 14 represent the detailed nature of service, Financial leasing services in this case.
Explanation Of SAC CODE - 997114
- services of making equipment and other assets available to a customer without capital investment on the customer's part, whereby the lessor pays for and takes title to the equipment or facilities and leases it to the lessee while retaining few of the normal responsibilities of ownership
- operating leasing services :- 9973
FAQs on SAC Code 997114
What is SAC Code 997114?
SAC Code 997114 refers to "Financial leasing 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 997114?
The GST rate for SAC Code 997114 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997114?
This service code includes: services of making equipment and other assets available to a customer without capital investment on the customer's part, whereby the lessor pays for and takes title to the equipment or facilities and leases …
Is SAC Code 997114 the same as HSN Code 997114?
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 997114 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 "Financial leasing services".
Where can I verify the latest GST rate for SAC Code 997114?
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.