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SAC CODE - 998112 : Research and experimental development services in engineering and technology
GST RATE ON SAC CODE - 998112 IS 18%
Services Accounting Codes (SAC Codes) 998112 is used for the Research and experimental development services in engineering and technology 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) 998112 - 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 12 represent the detailed nature of service, Research and experimental development services in engineering and technology in this case.
Explanation Of SAC CODE - 998112
FAQs on SAC Code 998112
What is SAC Code 998112?
SAC Code 998112 refers to "Research and experimental development services in engineering and technology" 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 998112?
The GST rate for SAC Code 998112 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 998112?
This service code includes basic and applied research services and experimental development services related to science and technology for casting, metal, machinery, electricity, communications, vessels, aircraft, civil engineering, constru…
Is SAC Code 998112 the same as HSN Code 998112?
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 998112 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 engineering and technology".
Where can I verify the latest GST rate for SAC Code 998112?
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.