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SAC CODE - 997331 : Licensing services for the right to use computer software and databases.
GST RATE ON SAC CODE - 997331 IS 18%
Services Accounting Codes (SAC Codes) 997331 is used for the Licensing services for the right to use computer software and databases. 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.
How Services Accounting Codes (SAC Codes) 997331 - 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 73 represent the major nature of service, Leasing or rental services with or without operator in this case.
The next two digits 31 represent the detailed nature of service, Licensing services for the right to use computer software and databases. in this case.
Explanation Of SAC CODE - 997331
- licensing services for the right to reproduce, distribute or incorporate computer programs, program descriptions and supporting materials for both systems and applications software. This applies to various levels of licensing rights such as rights to reproduce and distribute the software, rights to use software components for the creation of and inclusion in other software products
- licensing services for the right to reproduce, distribute or incorporate databases (i.e. compilations of facts/information) in other databases or applications. This applies to various levels of licensing rights such as rights to reproduce and distribute the database, rights to use database components for the creation of and inclusion in other databases and applications
- packaged (non-customized) software/database,
- limited end-user licence as part of packaged software,
- licensing services for the right to use database software :- 997331
FAQs on SAC Code 997331
What is SAC Code 997331?
SAC Code 997331 refers to "Licensing services for the right to use computer software and databases." 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 997331?
The GST rate for SAC Code 997331 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 997331?
This service code includes:licensing services for the right to reproduce, distribute or incorporate computer programs, program descriptions and supporting materials for both systems and applications software. This applies to various levels …
Is SAC Code 997331 the same as HSN Code 997331?
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 997331 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 "Licensing services for the right to use computer software and databases.".
Where can I verify the latest GST rate for SAC Code 997331?
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.