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SAC CODE - 997132 : Life insurance services (excluding reinsurance services)
GST RATE ON SAC CODE - 997132 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997132 | Life insurance services (excluding reinsurance services) |
Services Accounting Codes (SAC Codes) 997132 is used for the Life insurance services (excluding reinsurance 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) 997132 - 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 32 represent the detailed nature of service, Life insurance services (excluding reinsurance services) in this case.
Explanation Of SAC CODE - 997132
- underwriting services of insurance policies which provide for the payment of claims to beneficiaries contingent upon the death of the insured individual or upon the maturation of the policy. Policies may provide pure protection or may also contain a savings component. Policies may cover individuals or members of groups.
- accidental death insurance services :- 997133
FAQs on SAC Code 997132
What is SAC Code 997132?
SAC Code 997132 refers to "Life insurance services (excluding reinsurance 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 997132?
The GST rate for SAC Code 997132 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997132?
This service code includes: underwriting services of insurance policies which provide for the payment of claims to beneficiaries contingent upon the death of the insured individual or upon the maturation of the policy. Policies may pro…
Is SAC Code 997132 the same as HSN Code 997132?
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 997132 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 "Life insurance services (excluding reinsurance services)".
Where can I verify the latest GST rate for SAC Code 997132?
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.