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SAC CODE - 997132 : Life insurance services (excluding reinsurance services)
GST RATE ON SAC CODE - 997132 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997132 | Life insurance services (excluding reinsurance services) |
Services Accounting Codes (SAC Codes) 997132 is used for the Life insurance services (excluding reinsurance 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) 997132 - 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 32 represent the detailed nature of service, Life insurance services (excluding reinsurance services) in this case.
Explanation Of SAC CODE - 997132
This service code includes:
- underwriting services of insurance policies which provide for the payment of claims to beneficiaries contingent upon the death of the insured individual or upon the maturation of the policy. Policies may provide pure protection or may also contain a savings component. Policies may cover individuals or members of groups.
This service code does not include:
- accidental death insurance services :- 997133