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SAC CODE - 99721 : Real estate services involving owned or leased property
Services Accounting Codes (SAC Codes) 99721 is used for the Real estate services involving owned or leased property under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Real estate services.
Explanation Of SAC CODE - 99721
- sales on own account of vacant residential or non-residential land in cases where the sales are treated as sales of trading stock by the seller. Such vacant land can include subdivided vacant land.
FAQs on SAC Code 99721
What is SAC Code 99721?
SAC Code 99721 refers to "Real estate services involving owned or leased property" under the Services Accounting Code (SAC) system for services under GST. It falls under the heading "Real estate services".
What is the GST rate applicable on SAC Code 99721?
The GST rate for SAC Code 99721 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 99721?
This service code includes:sales on own account of vacant residential or non-residential land in cases where the sales are treated as sales of trading stock by the seller. Such vacant land can include subdivided vacant land.
Is SAC Code 99721 the same as HSN Code 99721?
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 99721 derived?
SAC codes follow a structured format: the first two digits (99) indicate services, the next two digits represent the major service category "Real estate services", and the last two digits specify the detailed nature of the service "Real estate services involving owned or leased property".
Where can I verify the latest GST rate for SAC Code 99721?
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.