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SAC CODE - 997137 : Other property insurance services
GST RATE ON SAC CODE - 997137 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997137 | Other property insurance services |
Services Accounting Codes (SAC Codes) 997137 is used for the Other property 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) 997137 - 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 37 represent the detailed nature of service, Other property insurance services in this case.
Explanation Of SAC CODE - 997137
This service code includes:
- underwriting services of insurance policies which cover risks of damage to or loss of property excluding that covered in service code99 7134 (Motor vehicle insurance services), 997135 (Marine, aviation, and other transport insurance services) and 997136 (Freight insurance services). Risks covered may include fire, theft, explosion, storm, hail, frost, natural forces, radioactive contamination and land subsidence
- underwriting services of insurance policies for non-commercial vessels and aircraft
- underwriting services of insurance policies for boilers and machinery, which covers property spoilage from lack of power, light, heat, steam or refrigeration