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SAC CODE - 997221 : Property management services on a fee/commission basis or contract basis

GST RATE ON SAC CODE - 997221 IS 18%


SAC CODE Description
9972Real estate services
99722Real estate services on a fee/commission basis or contract basis
997221Property management services on a fee/commission basis or contract basis

Services Accounting Codes (SAC Codes) 997221 is used for the Property management services on a fee/commission basis or contract basis 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) 997221 - 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 21 represent the detailed nature of service, Property management services on a fee/commission basis or contract basis in this case.

Explanation Of SAC CODE - 997221

This service code includes:
  1. management services concerning residential, industrial and Commercial properties, on a fee or contract basis
  2. management services concerning residential mobile home sites
  3. management services concerning dwellings in joint ownership
  4. management services concerning agricultural, forestry and similar properties
  5. management services concerning buildings or properties used on a time-share basis
This service code does not include:
  1. sports and recreational sports facility operation services :- 99652
  2. operation of other recreation and amusement service facilities n.e.c. :- 999699