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SAC CODE - 997223 : Land sales on a fee/commission basis or contract basis
GST RATE ON SAC CODE - 997223 IS 18%
| SAC CODE | Description |
|---|---|
| 9972 | Real estate services |
| 99722 | Real estate services on a fee/commission basis or contract basis |
| 997223 | Land sales on a fee/commission basis or contract basis |
Services Accounting Codes (SAC Codes) 997223 is used for the Land sales 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) 997223 - 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 23 represent the detailed nature of service, Land sales on a fee/commission basis or contract basis in this case.
Explanation Of SAC CODE - 997223
- real estate agency and brokerage house services related to the sale of vacant land, and similar intermediation services involving buying, selling and renting, non-residential or residential, on a fee or contract basis
FAQs on SAC Code 997223
What is SAC Code 997223?
SAC Code 997223 refers to "Land sales 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 997223?
The GST rate for SAC Code 997223 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997223?
This service code includes:real estate agency and brokerage house services related to the sale of vacant land, and similar intermediation services involving buying, selling and renting, non-residential or residential, on a fee or contract b…
Is SAC Code 997223 the same as HSN Code 997223?
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 997223 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 "Land sales on a fee/commission basis or contract basis".
Where can I verify the latest GST rate for SAC Code 997223?
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.