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SAC CODE - 99714 : Reinsurance services


SAC CODE Description
9971Financial and related services
99714Reinsurance services
997141Life reinsurance services
997142Accident and health reinsurance services
997143Motor vehicle reinsurance services
997144Marine, aviation and other transport reinsurance ser
997145services
997146Freight reinsurance services
997147Other property reinsurance services
997149Other non-life reinsurance services

Services Accounting Codes (SAC Codes) 99714 is used for the 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.

Explanation Of SAC CODE - 99714

This service code includes:
  1. liability reinsurance services
  2. reinsurance services for surety bonds
  3. non-life reinsurance services, not elsewhere specified

FAQs on SAC Code 99714

What is SAC Code 99714?

SAC Code 99714 refers to "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 99714?

The GST rate for SAC Code 99714 is 18%. GST rates are subject to change based on government notifications.

Which services are covered under SAC Code 99714?

This service code includes:liability reinsurance servicesreinsurance services for surety bondsnon-life reinsurance services, not elsewhere specified

Is SAC Code 99714 the same as HSN Code 99714?

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 99714 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 "Reinsurance services".

Where can I verify the latest GST rate for SAC Code 99714?

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.