|Section Number||Service||Heading Number||Group Number||SAC Code||Service Detail||Service Description||GST||EffectiveDate||Section 7||Financial and related services; real estate services; and rental and leasing services||9971||99711||997114||Financial services (except investment banking, insurance services and pension services)||Financial leasing services||18||28-06-2017|
SAC Code 997114 is used for the Financial services (except investment banking, insurance services and pension services) under Services Accounting Codes (SAC Codes) for Goods and Service Tax classification. This service comes under Financial leasing services , 7 - Financial and related services; real estate services; and rental and leasing services . Heading number of this service is 9971 and the group number is 99711 . These codes are mandatory mapping or classification of services that need to be used by a taxpayer.
SAC (Services Accounting Code) are used for the identification of the service.SAC indicates specific code tends to reduce the possibility of misinterpretation. SAC in respect of the supply of services while HSN code in respect of the supply of goods. There will be no need for entering the description of the goods or services while filing GST returns online.