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SAC CODE - 998222 : Accounting and bookkeeping services
GST RATE ON SAC CODE - 998222 IS 18%
| SAC CODE | Description |
|---|---|
| 9982 | Legal and accounting services |
| 99822 | Accounting, auditing and bookkeeping services |
| 998222 | Accounting and bookkeeping services |
Services Accounting Codes (SAC Codes) 998222 is used for the Accounting and bookkeeping 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) 998222 - 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 22 represent the detailed nature of service, Accounting and bookkeeping services in this case.
Explanation Of SAC CODE - 998222
- reviewing annual and interim financial statements and other accounting information. The scope of a review is less than that of an audit, and the level of assurance provided is thus lower;
- compilation of financial statements from information provided by the client. No assurances regarding the accuracy of the resulting statements are provided;
- preparation of business tax returns, when provided as a package with the preparation of financial statements for a single fee are classified here;
- compilation of income statements, balance sheets, etc;
- analysis of balance sheets, etc; other accounting services such as attestations, valuations, preparation of pro forma statements, etc.;
- classifying and recording business transactions in terms of money or some unit of measurement in the books of account;
- similar services provided by accountants.
- financial auditing services :- 998221
- tax preparation services, when provided as separate services :- 99823
- bookkeeping services related to tax returns :- 99823
- payroll services, including payroll computation and ledgers :- 998223
FAQs on SAC Code 998222
What is SAC Code 998222?
SAC Code 998222 refers to "Accounting and bookkeeping 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 998222?
The GST rate for SAC Code 998222 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under SAC Code 998222?
This service code includesreviewing annual and interim financial statements and other accounting information. The scope of a review is less than that of an audit, and the level of assurance provided is thus lower;compilation of financial st…
Is SAC Code 998222 the same as HSN Code 998222?
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 998222 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 "Accounting and bookkeeping services".
Where can I verify the latest GST rate for SAC Code 998222?
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.