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SAC CODE - 99716 : Services auxillary to insurance and pensions
Services Accounting Codes (SAC Codes) 99716 is used for the Services auxillary to insurance and pensions 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 - 99716
- administration of insurance and pension funds
- salvage administration services
- insurance and pension consultancy services
FAQs on SAC Code 99716
What is SAC Code 99716?
SAC Code 99716 refers to "Services auxillary to insurance and pensions" 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 99716?
The GST rate for SAC Code 99716 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 99716?
This service code includes:administration of insurance and pension fundssalvage administration servicesinsurance and pension consultancy services
Is SAC Code 99716 the same as HSN Code 99716?
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 99716 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 "Services auxillary to insurance and pensions".
Where can I verify the latest GST rate for SAC Code 99716?
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.