As you may probably know by now that the government of India passed a new GST regulation under the GST Act, in which the rates on taxes for various goods and services have been revised and implemented in the country as a whole.
As per the GST Act, a new GST legislation has been enforced by the Government of India, which reviews and enforces the tax rates for different goods and services in the country as a whole. Each service offered is identified by a special SAC code that may be used by service providers in invoices or bills to offer their services to individuals and/or businesses.
Service accounting codes for each organisation help to identify the GST regime. A particular SAC that may be used by the suppliers in invoices for the services they deliver is denoted for each service. They will be able to bill the exact GST in the invoices by knowing the SAC list and related GST rates. To categorise different commodities, the Central Board of Excise and Customs (CBEC) issues codes under the Goods and Services Tax (GST) scheme. Such codes are referred to as the Accounting Code or SAC of Facilities. There is a separate SAC for each of the services under the GST regime. For the services provided by them in their invoices, service providers can use these SACs.
The following table lists the different SAC codes, as well as their related GST rates. On the basis of data updated on 10 November 2017, following the 23rd meeting of the GST Council, the list of codes and functional GST prices illustrated in the table below is given.. In this post, we will look at what the Services Accounting Code is, the inclusion of services in the list of Services Accounting Codes, and also hear about the updated GST rates charged on different services under the Government of India's GST regulations. Services Accounting Code (SAC) and GST Rates
List of SAC Code and GST Prices on Services
We will take a look at the SAC code list, under the jurisdiction of the Government of India, for different services that are taxable under the GST regulations provided by the GST Act. All taxable services provided by India are usually specified in the Services Accounting Codes (SAC). Therefore, in this SAC binary format, only a 6-digit numeric code is created. Any single operation is recalled with the help of this special SAC code scheme. This is also helpful , especially in order for individuals and businesses to be able to quickly provide invoices to their suppliers and/or customers while delivering services.
Five GST rate slabs are essentially classified into services delivered to both taxable persons and businesses under the GST regulations. In the slabs, the infrastructure levied on these five GST rate slabs decreased by 0%, 5%, 12%, 18%, and 28%, respectively, respectively. This will be addressed in-depth in the later sections of this article as we continue to learn more about the SAC code list and GST prices on services. It should be noted here that, for non-taxable services or services for which GST rates are not quoted, there is an 18 percent default GST rate in India. Below are the numerous SAC codes for the facilities included in the GST regulations, along with their related GST prices.
Services Accounting Codes for Job Work
1. Textile, Apparel, And Leather Products (SAC code) Job Work
998821 to 998823 SAC code)
* Printing for newspapers
* Textile yarn and textile fabrics (other than man-made fibers)
* Cut and polished diamonds, precious and semi-precious stones, plain and studded gold, or other precious metal jewelry included in the HSN Chapter
* Printing books, journals, and periodicals (including Braille books)
* Processing of skins, hides, and leather
2. Job work related to the production of food, beverages, and tobacco (SAC)
998811 code to SAC code 998819)
* SAC Code 998811 Services for meat processing
* SAC Code 998812 Services for fish processing
* SAC Code 998813 Services for fruit and vegetable processing
* SAC Code 998814. Manufacturing services for vegetable and animal oil and fat
* SAC Code 998815- Processing facilities for dairy products
* SAC Code 998816-Other manufacturing services of food products
* SAC Code 998817-Prepared animal feed processing facilities
* SAC Code 998818-Services for beverage production
* SAC Code 998819-Services for tobacco production
3. Job work related to the production of wood and paper
* SAC Code 998831- Production services for wood and wood products
* SAC Code 998832- Manufacturing services for paper and paper products
4. Petroleum, chemical, and pharmaceutical product-related job work
(SAC code 998841 to SAC code 998843) Manufacturing
* SAC Code 998841-Production services for coke and refined petroleum products
* SAC Code 998842 -Services for the production of chemical products
* SAC Code 998843 -Production services for pharmaceutical products
5. Rubber, plastic, and non-metallic mineral products Job Work
(SAC code 998851 to SAC code 998853) Manufacturing
* SAC Code 998851-Production services for rubber and plastic products
* SAC Code 998852-Production facilities for plastic goods
* SAC Code 998853-Other processing services for non-metallic mineral goods
6. Employment job for facilities for basic metal production
* SAC Code 998860-Services for basic metal development
7. Employment job related to fabricated metal goods, appliances, and machinery
(SAC code 998871 to SAC code 998877) Manufacturing
* SAC Code 998871-Production of structural metal goods, tank, reservoir, and steam generator services
* SAC Code 998872-Production facilities for arms and ammunition
* SAC Code 998873- Production of other finished metal goods and metal treatment facilities
* SAC Code 998874-Production facilities for computers, electronic and optical goods
* SAC Code 998875- Packaging facilities for electrical equipment
* SAC Code 998876-Manufacturing facilities with general-purpose machinery
* SAC Code 998877-Special-purpose distribution facilities for machinery
9. Job work relating to the production of other products (SAC code 998891 to SAC code 998898)
* SAC Code 998891-Services for furniture production
* SAC Code 998892 Services for the production of jewelry
* SAC Code 998893-Services for imitation jewelry production
* SAC Code 998894- Production facilities for musical instruments
* SAC Code 998895- Packaging facilities for sporting products
* SAC Code 998896-Production facilities for games and toys
* SAC Code 998897-Medical and dental tools and manufacturing facilities supply
* SAC Code 998898-Other facilities for the development
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