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SAC CODE - 997221 : Property management services on a fee/commission basis or contract basis

GST RATE ON SAC CODE - 997221 IS 18%


SAC CODE Description
9972Real estate services
99722Real estate services on a fee/commission basis or contract basis
997221Property management services on a fee/commission basis or contract basis

Services Accounting Codes (SAC Codes) 997221 is used for the Property management services on a fee/commission basis or contract basis 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.

How Services Accounting Codes (SAC Codes) 997221 - 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 72 represent the major nature of service, Real estate services in this case.

The next two digits 21 represent the detailed nature of service, Property management services on a fee/commission basis or contract basis in this case.

Explanation Of SAC CODE - 997221

This service code includes:
  1. management services concerning residential, industrial and Commercial properties, on a fee or contract basis
  2. management services concerning residential mobile home sites
  3. management services concerning dwellings in joint ownership
  4. management services concerning agricultural, forestry and similar properties
  5. management services concerning buildings or properties used on a time-share basis
This service code does not include:
  1. sports and recreational sports facility operation services :- 99652
  2. operation of other recreation and amusement service facilities n.e.c. :- 999699

FAQs on SAC Code 997221

What is SAC Code 997221?

SAC Code 997221 refers to "Property management services on a fee/commission basis or contract basis" 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 997221?

The GST rate for SAC Code 997221 is 18%. GST rates are subject to change based on government notifications.

Which services are covered under SAC Code 997221?

This service code includes:management services concerning residential, industrial and Commercial properties, on a fee or contract basismanagement services concerning residential mobile home sitesmanagement services concerning dwellings in j…

Is SAC Code 997221 the same as HSN Code 997221?

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 997221 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 "Property management services on a fee/commission basis or contract basis".

Where can I verify the latest GST rate for SAC Code 997221?

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.