SAC Code and GST Rate on Legal, Accounting and Professional Services
-
January 21, 2023
SAC Code and GST Rate on Legal, Accounting and Professional Services – All you need to know
Table of Content
Introduction
The GST Council established the GST rate for legal, accounting, and professional services. Services are subject to 5%, 12%, 18%, or 28% GST rates. The GST rate is determined by the SAC code, which is a services classification system developed by the service tax department. In this article, we will look at the SAC code and GST rate in India for legal, accounting, and professional services. Professionals who are taxable under GST must obtain GST Registration. Let’s have a basic understanding of SAC (Service Accounting Code), before moving to the SAC Code and GST rate on Legal, Accounting and Professional Services.
SAC (Service Accounting Code)
The term “SAC” stands for Servicing Accounting Code. The service tax department in India has developed the SAC Codes as a system of categorization for services. The GST Council has opted to use the SAC code system for the purpose to levy GST (Goods and Service Tax) in India.
SAC refers to the 6-digit code in GST under GST law. For example, the SAC for IT design and development services is 998314.
- For all services, the first two digits of the SAC are the same, which is 99.
- In this case, the major type of services will be represented by the middle two digits (83) are IT services.
- The last two digits (14) will indicate the details for the Design and Development services.
Advantages of SAC Code
There are several benefits of SAC codes given below :
- SAC codes assist both the client and the business in identifying the applicable GST rates for a certain service.
- SAC codes must be mentioned while registering for GST and sending out GST invoices.
- These codes help to identify and separate the services from the wide range of other services that are offered.
SAC Code and GST rate on Legal, Accounting and Professional Services
-
SAC Code and GST rate on Legal Services
|
SAC Code |
Particulars |
GST Rate |
|
998211 |
Legal consultation and representation in criminal law. |
18% |
|
998212 |
Other types of legal advice and representation are available. |
18% |
|
998213 |
Services for patent, copyright, and other intellectual property documentation and certification. |
18% |
|
998214 |
Other document legal documentation and certification services |
18% |
|
998215 |
Services for arbitration and conciliation |
18% |
|
998216 |
Additional legal services |
18% |
-
SAC Code and GST rate on Accounting Services
|
SAC Code |
Particulars |
GST Rate |
|
998221 |
Financial Auditing Services |
18% |
|
998222 |
Accounting and Bookkeeping Services |
18% |
|
998223 |
Payroll Services |
18% |
|
998224 |
Other similar services |
18% |
-
SAC Code and GST Rate on Professional Services
|
SAC Code |
Particulars |
GST Rate |
|
998391 |
Interior design, fashion design, industrial design, and other specialised design services are available. |
18% |
|
998392 |
Original designs |
18% |
|
998393 |
Services for scientific and technical consulting |
18% |
|
998394 |
original fact/information compilations |
18% |
|
998395 |
Services for translation and interpretation |
18% |
|
998396 |
Franchises and trademarks |
18% |
|
998397 |
Services for Sponsorship and Brand Promotion |
18% |
|
998398 |
Other specialists, technical and business services |
18% |
Final Thoughts
SAC codes are four to six digits long and are classified by heading and section numbers. Job functions have their own SAC code. SAC code 9983 covers other technical, professional, and business services. These codes are used to generate invoices and submit GST returns.
GST Registration
btain your GST Registration Online with Ebizfiling at INR 1999/- only.
About Ebizfiling -
Reviews
Armaan
15 Jul 2018I had contacted them for a couple of services and they made it so trouble-free for me that I had left everything on them and I was rest assured. I was impressed by the work they did. Thank you!
Karna
08 Mar 2018Mr Parin and Mr Jay can say whole story about my Experience with registering the LLP. I had to shift to another vendor to complete LLP registration. My email : sonejikarna@gmail.com. You will find all detail about me in your database.
Neeta Vakhariya
09 Mar 2018Delighted to work with them. Very efficient and hardworking staff.
March 25, 2023 By Pallavi Dadhich
All about “Highlights of 49th GST Council Meeting” Introduction The Union Finance Minister Nirmala Sitharaman addressed the media at the conclusion of the 49th GST Council meeting, which took place in New Delhi on 18th February, Saturday afternoon. The meeting […]
March 24, 2023 By Pallavi Dadhich
GST- Recent Challenges and Problems Introduction The Goods and Services Tax (GST) is an indirect tax that was introduced in India on 1st July 2017. It replaced multiple taxes such as central excise duty, service tax, value-added tax, etc., with […]
March 23, 2023 By Team Ebizfiling
Understanding GST for freelancers in India Introduction GST is a tax that is levied on the supply of goods and services in India, and it replaced several other indirect taxes such as VAT, excise duty, and service tax. As a […]