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SAC CODE - 998111 : Research and experimental development services in natural sciences
GST RATE ON SAC CODE - 998111 IS 18%
Services Accounting Codes (SAC Codes) 998111 is used for the Research and experimental development services in natural sciences under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Research and development services.
How Services Accounting Codes (SAC Codes) 998111 - 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 81 represent the major nature of service, Research and development services in this case.
The next two digits 11 represent the detailed nature of service, Research and experimental development services in natural sciences in this case.
Explanation Of SAC CODE - 998111
- to producing new materials, products, and devices; to installing new processes, systems and services; or
- to improving substantially those already produced or installed in physical sciences related to heat, light, electromagnetism, astronomy, etc;
- in chemistry and biology related to catalyses, fermentation, physiology and biology of animals and plants, micro-organisms, etc;
- in biotechnology related to knowledge requiring one or more of the techniques: DNA/RNA like genomics, pharmacogenomics, gene probes, genetic engineering, DNA/RNA sequencing/synthesis/amplification, gene expression profiling, and the use of antisense technology; proteins and other molecules like sequencing/synthesis/engineering of proteins and peptides (including large molecule hormones); proteomics, protein isolation and purification, signaling, identification of cell receptors;
- cell and tissue culture and engineering like cell/tissue culture, tissue engineering (including disuse scaffolds and biomedical engineering), cellular fusion, vaccine/immune stimulants, embryo manipulation process biotechnology techniques like bioreactor fermentation, bioprocessing, bioleaching, biopulping, biosulphurization, bioremediation, biofiltration, and phytoremediation;
- gene and RNA vectors likegene therapy, viral vectors;
- bioinformatics; nanobiotechnology
FAQs on SAC Code 998111
What is SAC Code 998111?
SAC Code 998111 refers to "Research and experimental development services in natural sciences" under the Services Accounting Code (SAC) system for services under GST. It falls under the heading "Research and development services".
What is the GST rate applicable on SAC Code 998111?
The GST rate for SAC Code 998111 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 998111?
This service code includes basic and applied research services in natural sciences, experimental or theoretical work undertaken primarily to acquire new knowledge of the underlying foundations of phenomena and observable facts, without any …
Is SAC Code 998111 the same as HSN Code 998111?
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 998111 derived?
SAC codes follow a structured format: the first two digits (99) indicate services, the next two digits represent the major service category "Research and development services", and the last two digits specify the detailed nature of the service "Research and experimental development services in natural sciences".
Where can I verify the latest GST rate for SAC Code 998111?
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.