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SAC CODE - 998113 : Research and experimental development services in medical sciences and pharmacy.
GST RATE ON SAC CODE - 998113 IS 18%
Services Accounting Codes (SAC Codes) 998113 is used for the Research and experimental development services in medical sciences and pharmacy. 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) 998113 - 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 13 represent the detailed nature of service, Research and experimental development services in medical sciences and pharmacy. in this case.
Explanation Of SAC CODE - 998113
FAQs on SAC Code 998113
What is SAC Code 998113?
SAC Code 998113 refers to "Research and experimental development services in medical sciences and pharmacy." 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 998113?
The GST rate for SAC Code 998113 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 998113?
This service code includes basic and applied research services and experimental development services related to treatment of diseases, preventive hygiene, pharmacy, etc.
Is SAC Code 998113 the same as HSN Code 998113?
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 998113 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 medical sciences and pharmacy.".
Where can I verify the latest GST rate for SAC Code 998113?
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.