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SAC CODE - 998221 : Financial auditing services

GST RATE ON SAC CODE - 998221 IS 18%


SAC CODE Description
9982Legal and accounting services
99822Accounting, auditing and bookkeeping services
998221Financial auditing services

Services Accounting Codes (SAC Codes) 998221 is used for the Financial auditing services under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Legal and accounting services.

How Services Accounting Codes (SAC Codes) 998221 - 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 82 represent the major nature of service, Legal and accounting services in this case.

The next two digits 21 represent the detailed nature of service, Financial auditing services in this case.

Explanation Of SAC CODE - 998221

This service code includes examination services for the accounting records and other supporting evidence of an organization for the purpose of expressing an opinion as to whether the financial statements of the organization present its position fairly and accurately as at a given date and the results of its operations for the period ending on that date, in accordance with generally accepted accounting principles.

This service code does not include:
  1. accounting review services :- 998222
  2. management audits :- 998311

FAQs on SAC Code 998221

What is SAC Code 998221?

SAC Code 998221 refers to "Financial auditing services" under the Services Accounting Code (SAC) system for services under GST. It falls under the heading "Legal and accounting services".

What is the GST rate applicable on SAC Code 998221?

The GST rate for SAC Code 998221 is 18%. GST rates are subject to change based on government notifications.

Which services are covered under SAC Code 998221?

This service code includes examination services for the accounting records and other supporting evidence of an organization for the purpose of expressing an opinion as to whether the financial statements of the organization present its posi…

Is SAC Code 998221 the same as HSN Code 998221?

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 998221 derived?

SAC codes follow a structured format: the first two digits (99) indicate services, the next two digits represent the major service category "Legal and accounting services", and the last two digits specify the detailed nature of the service "Financial auditing services".

Where can I verify the latest GST rate for SAC Code 998221?

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.