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SAC CODE - 997147 : Other property reinsurance services
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99714 | Reinsurance services |
| 997147 | Other property reinsurance services |
Services Accounting Codes (SAC Codes) 997147 is used for the Other property 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) 997147 - 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 47 represent the detailed nature of service, Other property reinsurance services in this case.
FAQs on SAC Code 997147
What is SAC Code 997147?
SAC Code 997147 refers to "Other property 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 997147?
The GST rate for SAC Code 997147 is Applicable as per GST notifications. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997147?
SAC Code 997147 generally covers services related to "Other property reinsurance services" under the category "Financial and related services" as defined in GST service classification.
Is SAC Code 997147 the same as HSN Code 997147?
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 997147 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 reinsurance services".
Where can I verify the latest GST rate for SAC Code 997147?
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.