SAC Codes for Services

Section NumberService Heading Number Group Number SAC Code Service Detail Service Description
Section 7Financial And Related Services, Real Estate Services, Rental And Leasing Services997199713997132Insurance And Pension Services Excluding Reinsurance ServicesLife Insurance Services (excluding Reinsurance Services)

Code 997132 is used for the Life Insurance Services (excluding Reinsurance Services) under Services Accounting Codes (SAC Codes) for Goods and Service Tax classification. This service comes under Insurance And Pension Services Excluding Reinsurance Services, Section 7 - Financial And Related Services, Real Estate Services, Rental And Leasing Services. Heading number of this service is 9971 and the group number is 99713. These codes are mandatory mapping or classification of services that need to be used by a taxpayer.

When services are recognised via their specific SAC Codes, which are globally acceptable. The identification of services becomes easy, and resultantly possibilities of misinterpretation tend to reduce. While filing GST returns online, HSN code in respect of the supply of goods and SAC Code in respect of the supply of services will have to be uploaded, and there will be no need for entering the description of the goods or services while filing GST returns.

 

1970-01-01