SAC 997112 is the services accounting code for deposit services, under heading 9971 (financial and related services). GST is 18%: 9% CGST + 9% SGST within a state, or 18% IGST to another state. Rates as of 2026-10-21.
SAC 997112 at a glance
| SAC (6 digits) | 997112 |
|---|---|
| Group (5 digits) | 99711 |
| Heading (4 digits) | 9971: Financial and related services |
| Section | 7: Financial and related services; real estate; rental and leasing services |
| Description | Deposit services |
| GST rate | 18% |
| Within the state | 9% CGST + 9% SGST (or UTGST) |
| To another state | 18% IGST |
Other financial and related services: 18% under 11/2017-CT(R), S. No. 15, item (vii).
Rate entry for SAC 997112
Service rates are set by description in the Table of Notification 11/2017-Central Tax (Rate), heading by heading. The descriptions below summarise each entry; the condition column is part of the rate.
| Entry | Service (summary) | GST | Condition |
|---|---|---|---|
| 11/2017-CT(R), S. No. 15, item (vii) | Other financial and related services | 18% | None |
From 22.09.2025 life and health insurance for an individual (or an individual and family), and its reinsurance, is exempt under Notification 12/2017-Central Tax (Rate), S. Nos. 36C to 36E, inserted by Notification 16/2025-Central Tax (Rate). Other exemptions in that notification also cover several banking and financial services; check it before charging GST.
Worked example: a ₹1,000 bill under SAC 997112
Value of service ₹1,000.00. Client in your state: CGST ₹90.00 + SGST ₹90.00 = ₹180.00, bill total ₹1,180.00. Client in another state (place of supply outside your state): IGST ₹180.00, the same total.
The GST calculator does the same split for any amount.
Putting SAC 997112 on your invoice
Notification 78/2020-Central Tax requires at least 4 digits of the SAC (9971) on B2B tax invoices when aggregate turnover in the previous year was up to ₹5 crore, and 6 digits (997112) on all tax invoices above ₹5 crore. Charge CGST and SGST when the place of supply is in your state and IGST when it is in another state. FundRaksha Book keeps the SAC and rate on each service item, so every bill splits the tax correctly and your party ledgers stay up to date.
Other SAC codes under heading 9971
- SAC 997111: Central banking services (18%)
- SAC 997113: Credit-granting services including stand-by commitment, guarantees and securities (18%)
- SAC 997114: Financial leasing services (18%)
- SAC 997115: Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration (rate on the goods)
- SAC 997116: Any transfer of right in goods or of undivided share in goods without the transfer of title thereof (rate on the goods)
- SAC 997119: Other financial services (except investment banking, insurance services and Pension services) (18%)
- SAC 997120: Investment banking services (18%)
- SAC 997131: Pension services (18%)
- SAC 997132: Life insurance services (excluding reinsurance services) (nil or 18%)
- SAC 997133: Accident and health insurance services (nil or 18%)
- SAC 997134: Motor vehicle insurance services (5% or 18%)
- SAC 997135: Marine, aviation, and other transport insurance services (18%)
- SAC 997136: Freight insurance services and travel insurance services (18%)
- SAC 997137: Other property insurance services (18%)
- SAC 997138: Freight insurance services and travel insurance services (18%)
- SAC 997139: Other non-life insurance services (excluding reinsurance services) (18%)
- SAC 997141: Life reinsurance services (nil or 18%)
- SAC 997142: Accident and health reinsurance services (nil or 18%)
- SAC 997143: Motor vehicle reinsurance services (18%)
- SAC 997144: Marine, aviation and other transport reinsurance services (18%)
Sources
- tutorial.gst.gov.in/downloads/HSN_SAC.xlsx
- taxinformation.cbic.gov.in/view-pdf/1000997/ENG/Notifications
- www.gstcouncil.gov.in/sites/default/files/2024-02/11-rate_notification-cgst-01.04.2019.pdf
- taxinformation.cbic.gov.in/view-pdf/1010453/ENG/Notifications
- taxinformation.cbic.gov.in/view-pdf/1000996/ENG/Notifications
- taxinformation.cbic.gov.in/view-pdf/1010454/ENG/Notifications
- taxinformation.cbic.gov.in/view-pdf/1000998/ENG/Notifications
- www.gstcouncil.gov.in/sites/default/files/2024-05/notfctn-78-central-tax-english-2020.pdf
Codes and descriptions: GSTN HSN/SAC master (HSN_SAC.xlsx, sheet SAC_MSTR), file dated 13.10.2026, read on 21.10.2026. Rates: Notification 11/2017-Central Tax (Rate) as amended up to Notification 15/2025-Central Tax (Rate) (in force 22.09.2025), with the individual insurance exemptions of Notification 12/2017-Central Tax (Rate) S. Nos. 36C to 36E.