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SAC CODE - 997213 : Trade services of buildings
GST RATE ON SAC CODE - 997213 IS 18%
| SAC CODE | Description |
|---|---|
| 9972 | Real estate services |
| 99721 | Real estate services involving owned or leased property |
| 997213 | Trade services of buildings |
Services Accounting Codes (SAC Codes) 997213 is used for the Trade services of buildings under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Real estate services.
How Services Accounting Codes (SAC Codes) 997213 - 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 72 represent the major nature of service, Real estate services in this case.
The next two digits 13 represent the detailed nature of service, Trade services of buildings in this case.
Explanation Of SAC CODE - 997213
This service code includes:
- sales on own account of buildings and associated land in cases where the sales are treated as sales of trading stock by the seller, but not sales of property where the sales are disposals of the fixed assets of the selling unit
- sales of houses with associated land, multiple-dwelling buildings with associated land and individual dwelling units within such buildings, such as individual apartments or condominiums
Note: Such property can either be leasehold or freehold
This service code does not include:
- sales of vacant land :- 997215