SAC Heading 9971 – Services by the Reserve Bank of India

Find the Right HSN or SAC Code

Search products, services, or codes to see their current GST rate.

enter product, service, or code Reading as code

Results for 9971

68 results

Type	Level	Code & description	IGST	CGST	SGST	UGST
SAC	Heading	9971 — Services by the Reserve Bank of India.	0%	-	-	-
SAC	Heading	9971 — Services by way of: (a) extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services); (b) inter se sale or purchase of foreign currency amongst banks or authorised dealers of foreign ex- change or amongst banks and such dealers.	0%	-	-	-
SAC	Heading	9971 — Services of life insurance business provided by way of annuity under the National Pension System regulated by the Pension Fund Regulatory and Development Authority of India under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013). Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services of life insurance business provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds to members of the Army, Navy and Air Force, respectively, under the Group Insurance Schemes of the Central Government. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by the Employees’ State Insurance Corporation to persons governed under the Employees’ State Insurance Act, 1948 (34 of 1948). Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services provided by the Employees Provident Fund Organisation to the persons governed under the Employees Provident Funds and the Miscellaneous Provisions Act, 1952 (19 of 1952). Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services provided by the Insurance Regulatory and the Development Authority of India to insurers under the Insurance Regulatory and the Development Authority of India Act, 1999 (41 of 1999).	0%	-	-	-
SAC	Heading	9971 — Services provided by the Securities and Exchange Board of India set up under the Securities and Exchange Board of India Act, 1992 (15 of 1992) by way of protecting the interests of investors in securities and to promote the development of, and to regulate, the securities market.	0%	-	-	-
SAC	Heading	9971 — Services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services of general insurance business provided under following schemes – Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services of life insurance business provided under following schemes- Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by way of reinsurance of the insurance schemes specified in serial numbers 36 or 37 or 41 Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by an intermediary of financial services located in a multi services SEZ with International Financial Services Centre (IFSC) status to a customer located outside India for international financial services in currencies other than Indian rupees (INR). Explanation.- For the purposes of this entry, the intermediary of financial services in IFSC is a person,- (i) who is permitted or recognised as such by the Government of India or any Regulator appointed for regulation of IFSC; or (ii) who is treated as a person resident outside India under the Foreign Exchange Management (International Financial Services Centre) Regulations, 2015; or (iii) who is registered under the Insurance Regulatory and Development Authority of India (International Financial Service Centre) Guidelines, 2015 as IFSC Insurance Office; or (iv) who is permitted as such by Securities and Exchange Board of India (SEBI) under the Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015.	0%	-	-	-
SAC	Heading	9971 — Other Financial and related services	18%	9%	9%	9%
SAC	Heading	9971 — Services by way of collection of contribution under the Atal Pension Yojana. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by way of collection of contribution under any pension scheme of the State Governments. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by the following persons inrespective capacities – Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services provided to the Central Government, State Government, Union territory under any insurance scheme for which total premium is paid by the Central Government, State Government, Union territory. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services of life insurance provided or agreed to be provided by the Naval Group Insurance Fund to the personnel of Coast Guard under the Group Insurance Schemes of the Central Government. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — (iv) Leasing of aircrafts by an operator for operating scheduled air transport service or scheduled air cargo service by way of transaction covered by clause (f) paragraph 5 of Schedule II of the Central Goods and Services Act, 2017. Explanation.- (a) “operator” means a person, organisation or enterprise engaged in or offering to engage in aircraft operations; (b) “scheduled air transport service” means an air transport service undertaken between the same two or more places operated according to a published time table or with flights so regular or frequent that they constitute a recognisable systematic series, each flight being open to use by members of the public; (c) “scheduled air cargo service” means air transportation of cargo or mail on a scheduled basis according to a published time table or with flights so regular or frequent that they constitute a recognisably systematic series, not open to use by passengers.	5%	-	-	-
SAC	Heading	9971 — Services provided by foreman of chit fund in relation to chit Explanation.- (a) 'chit' means a transaction whether called chit, chit fund, chitty, kuri, or by whatever name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to a prize amount; (b) “foreman of a chit fund” shall have the same meaning as is assigned to the expression “foreman” in clause (j) of section 2 of the Chit Funds Act, 1982 (40 of 1982).	12%	-	-	-
SAC	Heading	9971 — Leasing of motor vehicles purchased and leased prior to 1st July 2017;	-	-	-	-
SAC	Heading	9971 — (vi) Service of third party insurance of	12%	6%	6%	6%
SAC	Heading	9971 — Services by way of— Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services provided by a banking company to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY). Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services of life insurance provided or agreed to be provided by the Central Armed Police Forces (under Ministry of Home Affairs) Group Insurance Funds to their members under the Group Insurance Schemes of the concerned Central Armed Police Force. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by Coal Mines Provident Fund Organisation to persons governed by the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948 (46 of 1948). Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by National Pension System (NPS) Trust to its members against consideration in the form of administrative fee. Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services supplied by Central Government, State Government, Union territory to their undertakings or Public Sector Undertakings (PSUs) by way of guaranteeing the loans taken by such undertakings or PSUs from the [banking Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services by an intermediary of financial services located in a multi services SEZ with International Financial Services Centre (IFSC) status to a customer located outside India for international financial services in currencies other than Indian rupees (INR). Condition: …	0%	0%	0%	0%
SAC	Heading	9971 — Services received by the Reserve Bank of India, from outside India in relation to management of foreign exchange reserves. Condition: …	0%	0%	0%	0%
SAC	Service code	997111 — Central banking services	18%	-	-	-
SAC	Service code	997112 — Deposit services	18%	-	-	-
SAC	Service code	997113 — Credit-granting services including stand-by commitment, guarantees & securities	18%	-	-	-
SAC	Service code	997114 — Financial leasing services	18%	-	-	-
SAC	Service code	997119 — Other financial services (except investment banking, insurance services and pension services)	18%	-	-	-
SAC	Service code	997120 — Investment banking services	18%	-	-	-
SAC	Service code	997131 — Pension services	18%	-	-	-
SAC	Service code	997132 — Life insurance services (excluding reinsurance services)	18%	-	-	-
SAC	Service code	997133 — Accident and health insurance services	18%	-	-	-
SAC	Service code	997134 — Motor vehicle insurance services	18%	-	-	-
SAC	Service code	997135 — Marine, aviation, and other transport insurance services	18%	-	-	-
SAC	Service code	997136 — Freight insurance services & Travel insurance services	18%	-	-	-
SAC	Service code	997137 — Other property insurance services	18%	-	-	-
SAC	Service code	997139 — Other non-life insurance services (excluding reinsurance services)	18%	-	-	-
SAC	Service code	997141 — Life reinsurance services	18%	-	-	-
SAC	Service code	997142 — Accident and health reinsurance services	18%	-	-	-
SAC	Service code	997143 — Motor vehicle reinsurance services	18%	-	-	-
SAC	Service code	997144 — Marine, aviation and other transport reinsurance ser	18%	-	-	-
SAC	Service code	997145 — Freight reinsurance services	18%	-	-	-
SAC	Service code	997146 — Other property reinsurance services	18%	-	-	-
SAC	Service code	997149 — Other non-life reinsurance services	18%	-	-	-
SAC	Service code	997151 — Services related to investment banking such as mergers & acquisition services, corporate finance & venture capital services	18%	-	-	-
SAC	Service code	997152 — Brokerage and related securities and commodities services including commodity exchange services	18%	-	-	-
SAC	Service code	997153 — Portfolio management services except pension funds	18%	-	-	-
SAC	Service code	997154 — Trust and custody services	18%	-	-	-
SAC	Service code	997155 — Services related to the administration of financial markets	18%	-	-	-
SAC	Service code	997156 — Financial consultancy services	18%	-	-	-
SAC	Service code	997157 — Foreign exchange services	18%	-	-	-
SAC	Service code	997158 — Financial transactions processing and clearing house services	18%	-	-	-
SAC	Service code	997159 — Other services auxiliary to financial services	18%	-	-	-
SAC	Service code	997161 — Insurance brokerage and agency services	18%	-	-	-
SAC	Service code	997162 — Insurance claims adjustment services	18%	-	-	-
SAC	Service code	997163 — Actuarial services	18%	-	-	-
SAC	Service code	997164 — Pension fund management services	18%	-	-	-
SAC	Service code	997169 — Other services auxiliary to insurance and pensions	18%	-	-	-
SAC	Service code	997171 — Services of holding equity of subsidiary companies	18%	-	-	-
SAC	Service code	997172 — Services of holding securities and other assets of trusts and funds and similar financial entities	18%	-	-	-

Understanding the 9971 SAC code

SAC 9971 is a 4-digit heading under Chapter 99. This page shows the 6-digit service codes and applicable GST details available under this heading.

Heading 9971 — Financial and Related Services

Service codes under this heading 9971

SAC Code	Description
997111	Central banking services
997112	Deposit services
997113	Credit-granting services including stand-by commitment, guarantees & securities
997114	Financial leasing services
997119	Other financial services (except investment banking, insurance services and pension services)
997120	Investment banking services
997131	Pension services
997132	Life insurance services (excluding reinsurance services)
997133	Accident and health insurance services
997134	Motor vehicle insurance services
997135	Marine, aviation, and other transport insurance services
997136	Freight insurance services & Travel insurance services
997137	Other property insurance services
997139	Other non-life insurance services (excluding reinsurance services)
997141	Life reinsurance services
997142	Accident and health reinsurance services
997143	Motor vehicle reinsurance services
997144	Marine, aviation and other transport reinsurance ser
997145	Freight reinsurance services
997146	Other property reinsurance services
997149	Other non-life reinsurance services
997151	Services related to investment banking such as mergers & acquisition services, corporate finance & venture capital services
997152	Brokerage and related securities and commodities services including commodity exchange services
997153	Portfolio management services except pension funds
997154	Trust and custody services
997155	Services related to the administration of financial markets
997156	Financial consultancy services
997157	Foreign exchange services
997158	Financial transactions processing and clearing house services
997159	Other services auxiliary to financial services
997161	Insurance brokerage and agency services
997162	Insurance claims adjustment services
997163	Actuarial services
997164	Pension fund management services
997169	Other services auxiliary to insurance and pensions
997171	Services of holding equity of subsidiary companies
997172	Services of holding securities and other assets of trusts and funds and similar financial entities

Source

HSN classification and GST rate information is based on official GST/CBIC rate schedules and notifications. WealthView updates its database when official changes are published. For the latest applicability, refer to the current official GST/CBIC notifications and rate schedules.