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SAC CODE - 997137 : Other property insurance services
GST RATE ON SAC CODE - 997137 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997137 | Other property insurance services |
Services Accounting Codes (SAC Codes) 997137 is used for the Other property insurance 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) 997137 - 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 37 represent the detailed nature of service, Other property insurance services in this case.
Explanation Of SAC CODE - 997137
- underwriting services of insurance policies which cover risks of damage to or loss of property excluding that covered in service code99 7134 (Motor vehicle insurance services), 997135 (Marine, aviation, and other transport insurance services) and 997136 (Freight insurance services). Risks covered may include fire, theft, explosion, storm, hail, frost, natural forces, radioactive contamination and land subsidence
- underwriting services of insurance policies for non-commercial vessels and aircraft
- underwriting services of insurance policies for boilers and machinery, which covers property spoilage from lack of power, light, heat, steam or refrigeration
FAQs on SAC Code 997137
What is SAC Code 997137?
SAC Code 997137 refers to "Other property insurance 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 997137?
The GST rate for SAC Code 997137 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997137?
This service code includes:underwriting services of insurance policies which cover risks of damage to or loss of property excluding that covered in service code99 7134 (Motor vehicle insurance services), 997135 (Marine, aviation, and other …
Is SAC Code 997137 the same as HSN Code 997137?
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 997137 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 "Other property insurance services".
Where can I verify the latest GST rate for SAC Code 997137?
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.