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SAC CODE - 997111 : Central banking services

GST RATE ON SAC CODE - 997111 IS 18%


SAC CODE Description
9971Financial and related services
99711Financial services (except investment banking, insurance services and pension services)
997111Central banking services

Services Accounting Codes (SAC Codes) 997111 is used for the Central banking services under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Financial and related services.

How Services Accounting Codes (SAC Codes) 997111 - 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 71 represent the major nature of service, Financial and related services in this case.

The next two digits 11 represent the detailed nature of service, Central banking services in this case.

Explanation Of SAC CODE - 997111

This service code includes 
  1. services which support the country's systems for clearing and settling payments and other financial transactions 
  2. services of maintaining deposit accounts for major financial institutions and for the central government 
  3. services of implementing monetary policy 
  4. services of managing the government's foreign exchange reserves 
  5. services of influencing the value of currency 
  6. currency services under the authority of the central bank, including currency design and production, issuing, distribution and replacement 
  7. fiscal agency services including advisory services to the government on matters relating to the public debt, issuing debt instruments, maintaining bondholder records and making interest and redemption payments on behalf of the government 
  8. supervisory activities with regard to banks and/or non-banks if undertaken by the central bank 
  9. other central banking services n.e.c.