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SAC CODE - 99731 : Leasing or rental services concerning machinery and equipment with or without operator
Services Accounting Codes (SAC Codes) 99731 is used for the Leasing or rental services concerning machinery and equipment with or without operator under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Leasing or rental services with or without operator.
Explanation Of SAC CODE - 99731
- leasing, renting or hiring services concerning all kinds of machinery, whether or not electrical, except personal or household goods, generally used as capital goods by industry, such as engines and turbines, machine tools, mining and oil field equipment, lifting and handling equipment, coin/card operated gambling machines, exhibition material, professional, scientific measuring and control apparatus, accommodation and office containers, other commercial and industrial machinery etc.
FAQs on SAC Code 99731
What is SAC Code 99731?
SAC Code 99731 refers to "Leasing or rental services concerning machinery and equipment with or without operator" under the Services Accounting Code (SAC) system for services under GST. It falls under the heading "Leasing or rental services with or without operator".
What is the GST rate applicable on SAC Code 99731?
The GST rate for SAC Code 99731 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 99731?
This service code includes:leasing, renting or hiring services concerning all kinds of machinery, whether or not electrical, except personal or household goods, generally used as capital goods by industry, such as engines and turbines, mach…
Is SAC Code 99731 the same as HSN Code 99731?
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 99731 derived?
SAC codes follow a structured format: the first two digits (99) indicate services, the next two digits represent the major service category "Leasing or rental services with or without operator", and the last two digits specify the detailed nature of the service "Leasing or rental services concerning machinery and equipment with or without operator".
Where can I verify the latest GST rate for SAC Code 99731?
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.