Table of Contents
What is SAC code for accounting services?
9954
SAC Code 9954. Services are classified as per the Services Accounting Code (SAC). The SAC is strictly numeric and is six digits. The first two digits are same for all services i.e. 99, the next two digits represent the major nature of service and the last two digits represent the detailed nature of service.
Is GST applicable on CA services?
So all services provided by practising chartered accountants will be liable to GST @ 18 \%. If the supply is intra-state, then 9 \% CGST and 9\% SGST will have to be charged and if the supply is inter-state, then 18\% IGST.
What is the SAC code for commission?
GST SAC Codes, Groups and Services
| SAC Codes under GST | |
|---|---|
| SAC Code | SAC Service Description |
| 996111 | Services provided for a fee/commission or contract basis on wholesale trade |
| Services in retail trade | |
| 996211 | Services provided for a fee/commission or contract basis on retail trade |
What is the GST limit for professional services?
GST exemption limit for service providers is 20 Lakhs only. 40 lakhs limit was raised for the traders in goods. It is 20 lakh for service providers.
What is CA GST?
The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset the GST or HST that they pay.
What is GST sac invoice?
SAC stands for Servicing Accounting Code and is used to classify services instead of goods. All services tend to begin with the number 99, which is what identifies the code as a SAC and not an HSN. For clarity, let’s look at this SAC- 99.82.
What is sac code in GST?
Understanding SAC Code 1 These codes help the business and user to identify the appropriate GST rates applicable to the specific goods or services 2 It is mandatory to insert this detail for registration. 3 These codes help to identify specific goods or services amongst the vast number of goods and services available.
What is the SAC code for a chartered accountant?
Generally Chartered Accountant firms use SAC Code 998221. However, depending on the services rendered by it, the relevant SAC Code indica Generally Chartered Accountant firms use SAC Code 998221. However, depending on the services rendered by it, the relevant SAC Code indicated above are used.
What is service accounting code in GST?
Service Accounting Code is similar to the International HSN codes adopted by other countries across world. Similarly in GST the applicability of Service Accounting Codes have been defined for identifying the applicability of the respective tax rates to the services.
What are the SAC codes in India?
They are six-digit codes. For instance, the SAC code for IT (Information Technology) is 998314. Notably, the first two digits of all the SAC codes in India are the same, i.e., 99. It is a classification that is developed by CBIC in order to identify and classify various services in India efficiently.