SAC code directory
SAC Code 9971: Financial and related services
Service Accounting Codes (SAC) classify services under GST. Below are all 6-digit SAC codes under this heading, with the GST rate guide.
All 6-digit SAC codes under this heading
| 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 | Services |
| 997146 | Freight reinsurance services |
| 997147 | 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 |
GST rate guide for these services
Banking, financial and insurance services are generally taxed at 18%. Individual life and health insurance policies are exempt from 22 September 2025, and interest on loans and deposits is exempt.
Browse the full SAC code list or search any HSN or SAC code.
The GST rate for a service depends on its exact description in the rate notification, who provides it and who receives it. Some services are exempt or taxed under reverse charge. Confirm the rate before you raise invoices.
Frequently asked questions
Is the SAC code mandatory on GST invoices?
Yes. Service providers must show the SAC code on tax invoices: at least 4 digits if aggregate turnover in the previous year was up to ₹5 crore (for B2B invoices), and 6 digits if turnover was above ₹5 crore.
What is the difference between HSN and SAC codes?
HSN codes classify goods and SAC codes classify services. SAC codes start with 99, which is chapter 99 of the GST classification, followed by the heading and group of the service.
Where do I report SAC codes in GST returns?
SAC codes are reported in the HSN-wise summary of outward supplies in GSTR-1 and in the annual return GSTR-9, along with the taxable value and tax for each code.
Need help with classification or GST rates? GST registration and return filing or book a free consultation with our CA-led team.