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SAC CODE - 997158 : Financial transactions processing and clearing house services
GST RATE ON SAC CODE - 997158 IS 18%
Services Accounting Codes (SAC Codes) 997158 is used for the Financial transactions processing and clearing house 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) 997158 - 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 58 represent the detailed nature of service, Financial transactions processing and clearing house services in this case.
Explanation Of SAC CODE - 997158
This service code includes:
- services of processing financial transactions such as verification of financial balances, authorization of transactions, transfer of funds to and from transactors' accounts, notification of banks (or credit card issuers) of individual transactions and provision of daily summaries
- services of clearing cheques, drafts and other payment orders
- debit card and credit card merchant services
This service code does not include:
- services of processing securities transactions :- 997152