Boost Your B2B Sales with Getatoz
Get Listed FreeExplore SAC Code of thousands of services.
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
- 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
FAQs on SAC Code 997134
What is SAC Code 997134?
SAC Code 997134 refers to "Motor vehicle insurance services" under the Services Accounting Code (SAC) system for services under GST. It falls under the heading "Financial and related services".
What is the GST rate applicable on SAC Code 997134?
The GST rate for SAC Code 997134 is 18%. GST rates are subject to change based on government notifications.
Which services are covered under 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 damag…
Is SAC Code 997134 the same as HSN Code 997134?
No. SAC codes are used for services, whereas HSN codes are used for goods. Since services fall under GST Chapter 99, SAC codes are sometimes informally referred to as HSN codes in common searches.
How is SAC Code 997134 derived?
SAC codes follow a structured format: the first two digits (99) indicate services, the next two digits represent the major service category "Financial and related services", and the last two digits specify the detailed nature of the service "Motor vehicle insurance services".
Where can I verify the latest GST rate for SAC Code 997134?
You can verify the latest and applicable GST rate from the official CBIC website at https://www.cbic.gov.in.
Disclaimer: The information provided above is for general reference only. SAC descriptions and GST rates are subject to change based on notifications issued by the Government of India. Users are advised to verify the latest and applicable details from the official CBIC (Central Board of Indirect Taxes & Customs) website.