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SAC CODE - 997113 : Credit-granting services including stand-by commitment, guarantees & securities

GST RATE ON SAC CODE - 997113 IS 18%


SAC CODE Description
9971Financial and related services
99711Financial services (except investment banking, insurance services and pension services)
997113Credit-granting services including stand-by commitment, guarantees & securities

Services Accounting Codes (SAC Codes) 997113 is used for the Credit-granting services including stand-by commitment, guarantees & securities 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) 997113 - 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 13 represent the detailed nature of service, Credit-granting services including stand-by commitment, guarantees & securities in this case.

Explanation Of SAC CODE - 997113

This service code includes: 
  1. issuing and physical management of loans. These services may be provided by a number of different types of lenders, including, for example, banks and insurance companies. 
  2. granting of loans for which the land or buildings are used as security 
  3. home equity loans 
  4. granting of personal non-mortgage installment loans with scheduled repayment plans 
  5. line-of-credit loan services, that is, loan services based on a commitment to lend funds to a borrower up to a specified amount 
  6. consumer loan services, that is, loan services extended for financing consumer purchases of goods or services where the purchased good is generally used as collateral 
  7. granting credit when the holder of a credit card uses it to buy a good or a service, regardless of whether the balance is paid in full at the end of the grace period 
  8. granting loans to investment dealers and brokers, regulated financial institutions, federal, regional and local governments or non-profit institutions, foreign governments, and other businesses 
  9. standby, commitment and other loan services including overdraft services 
  10. providing letters of credit 
  11. acceptance services, that is, agreements by a bank or other financial institution to pay a draft or a credit instrument issued by an institution 
  12. sales financing services 
  13. other credit-granting services n.e.c. 
This service code does not include: 
  1. real estate appraisal services :- 997224