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SAC CODE - 997158 : Financial transactions processing and clearing house services
GST RATE ON SAC CODE - 997158 IS 18%
Services Accounting Codes (SAC Codes) 997158 is used for the Financial transactions processing and clearing house 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) 997158 - 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 58 represent the detailed nature of service, Financial transactions processing and clearing house services in this case.
Explanation Of SAC CODE - 997158
- services of processing financial transactions such as verification of financial balances, authorization of transactions, transfer of funds to and from transactors' accounts, notification of banks (or credit card issuers) of individual transactions and provision of daily summaries
- services of clearing cheques, drafts and other payment orders
- debit card and credit card merchant services
- services of processing securities transactions :- 997152
FAQs on SAC Code 997158
What is SAC Code 997158?
SAC Code 997158 refers to "Financial transactions processing and clearing house 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 997158?
The GST rate for SAC Code 997158 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997158?
This service code includes:services of processing financial transactions such as verification of financial balances, authorization of transactions, transfer of funds to and from transactors' accounts, notification of banks (or credit card i…
Is SAC Code 997158 the same as HSN Code 997158?
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 997158 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 "Financial transactions processing and clearing house services".
Where can I verify the latest GST rate for SAC Code 997158?
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.