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SAC CODE - 997131 : pension services

GST RATE ON SAC CODE - 997131 IS 18%


SAC CODE Description
9971Financial and related services
99713Insurance and pension services (excluding reinsurance services)
997131pension services

Services Accounting Codes (SAC Codes) 997131 is used for the pension 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) 997131 - 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 31 represent the detailed nature of service, pension services in this case.

Explanation Of SAC CODE - 997131

This service code includes: 
  1. underwriting services of annuities, i.e. plans which provide income payments at regular intervals .Plans may require a single contribution or a series of contributions; may be compulsory or optional; may have nominal benefits determined in advance or dependent on the market value of aspects supporting the plan; and, if related to employment, may or may not be portable with a change in employment. The duration of the period during which benefits are paid may be fixed in terms of a minimum or maximum; there may or may not be survivors' benefits. 
  2. underwriting services of plans which provide income payments at regular intervals to members of groups. Plans may require a single contribution or a series of contributions; may be compulsory or optional; may have nominal benefits determined in advance or dependent on the market value of assets supporting the plan; and, if related to employment, may or may not be portable with a change in employment. The duration of the period during which benefits are paid may be fixed in terms of a minimum or maximum; there may or may not be survivors' benefits.
This service code does not include: 
  1. portfolio management services (except pension funds) :- 997153 
  2. trust services :- 997154 
  3. pension fund management services :- 997164 
  4. pension fund administration :- 997169