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SAC CODE - 997131 : pension services
GST RATE ON SAC CODE - 997131 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997131 | pension services |
Services Accounting Codes (SAC Codes) 997131 is used for the pension 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) 997131 - 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 31 represent the detailed nature of service, pension services in this case.
Explanation Of SAC CODE - 997131
- underwriting services of annuities, i.e. plans which provide income payments at regular intervals .Plans may require a single contribution or a series of contributions; may be compulsory or optional; may have nominal benefits determined in advance or dependent on the market value of aspects supporting the plan; and, if related to employment, may or may not be portable with a change in employment. The duration of the period during which benefits are paid may be fixed in terms of a minimum or maximum; there may or may not be survivors' benefits.
- underwriting services of plans which provide income payments at regular intervals to members of groups. Plans may require a single contribution or a series of contributions; may be compulsory or optional; may have nominal benefits determined in advance or dependent on the market value of assets supporting the plan; and, if related to employment, may or may not be portable with a change in employment. The duration of the period during which benefits are paid may be fixed in terms of a minimum or maximum; there may or may not be survivors' benefits.
- portfolio management services (except pension funds) :- 997153
- trust services :- 997154
- pension fund management services :- 997164
- pension fund administration :- 997169
FAQs on SAC Code 997131
What is SAC Code 997131?
SAC Code 997131 refers to "pension 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 997131?
The GST rate for SAC Code 997131 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997131?
This service code includes: underwriting services of annuities, i.e. plans which provide income payments at regular intervals .Plans may require a single contribution or a series of contributions; may be compulsory or optional; may hav…
Is SAC Code 997131 the same as HSN Code 997131?
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 997131 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 "pension services".
Where can I verify the latest GST rate for SAC Code 997131?
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.