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SAC CODE - 997139 : Other non-life insurance services (excluding reinsurance services)
GST RATE ON SAC CODE - 997139 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997139 | Other non-life insurance services (excluding reinsurance services) |
Services Accounting Codes (SAC Codes) 997139 is used for the Other non-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) 997139 - 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 39 represent the detailed nature of service, Other non-life insurance services (excluding reinsurance services) in this case.
Explanation Of SAC CODE - 997139
- underwriting services of insurance policies which cover risks of all types of liability including liability for defective products, bodily injury, property damage, pollution, malpractice, etc., other than liability covered in service code 997134 (Motor vehicle insurance services),997135 (Marine, aviation and other transport insurance services) and 997137 (Other property insurance services)
- underwriting services of insurance policies which cover risks of excessive credit losses because of debtor insolvency
- underwriting services of insurance policies which cover risks of non-performance or failure to satisfy a contractual financial obligation by a party to a contract or agreement
- underwriting services of policies for legal expense insurance, mortgage insurance, fidelity insurance or title insurance
- underwriting services of insurance policies which cover risks of miscellaneous financial loss, that is, expenses arising from the following risks: loss of employment, insufficiency of income (general), bad weather, loss of benefits, continuing general expenses, unforeseen trading expenses, loss of market value, loss of rent or revenue, indirect trading losses (other than those mentioned above), other financial loss (non-trading) and other forms of loss
- underwriting services of insurance policies which cover other non-life risks n.e.c.
FAQs on SAC Code 997139
What is SAC Code 997139?
SAC Code 997139 refers to "Other non-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 997139?
The GST rate for SAC Code 997139 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997139?
This service code includes:underwriting services of insurance policies which cover risks of all types of liability including liability for defective products, bodily injury, property damage, pollution, malpractice, etc., other than liabilit…
Is SAC Code 997139 the same as HSN Code 997139?
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 997139 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 non-life insurance services (excluding reinsurance services)".
Where can I verify the latest GST rate for SAC Code 997139?
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.