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SAC CODE - 997162 : Insurance claims adjustment services
GST RATE ON SAC CODE - 997162 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99716 | Services auxillary to insurance and pensions |
| 997162 | Insurance claims adjustment services |
Services Accounting Codes (SAC Codes) 997162 is used for the Insurance claims adjustment 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) 997162 - 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 62 represent the detailed nature of service, Insurance claims adjustment services in this case.
Explanation Of SAC CODE - 997162
- services of investigating insurance claims, determining the amount of loss or damages covered by insurance policies and negotiating settlements
- services of examining claims which have been investigated and authorization of payments
- damage assessment services
FAQs on SAC Code 997162
What is SAC Code 997162?
SAC Code 997162 refers to "Insurance claims adjustment 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 997162?
The GST rate for SAC Code 997162 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997162?
This service code includes:services of investigating insurance claims, determining the amount of loss or damages covered by insurance policies and negotiating settlementsservices of examining claims which have been investigated and authoriz…
Is SAC Code 997162 the same as HSN Code 997162?
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 997162 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 "Insurance claims adjustment services".
Where can I verify the latest GST rate for SAC Code 997162?
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.