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SAC CODE - 997134 : Motor vehicle insurance services
GST RATE ON SAC CODE - 997134 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997134 | Motor vehicle insurance services |
Services Accounting Codes (SAC Codes) 997134 is used for the Motor vehicle insurance 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) 997134 - 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 34 represent the detailed nature of service, Motor vehicle insurance services in this case.
Explanation Of SAC CODE - 997134
This service codes includes:
- underwriting services of insurance policies which cover risks relating to the use of motor vehicles, including those used to transport paying passengers. Risks covered include liability and loss of or damage to the vehicle.
- freight motor vehicle insurance services