What Is The Full Form Of SAC In GST?
SAC full form in GST is Servicing Accounting Code. Basically SAC is a six-digit code that is used to classify services for the purpose of taxation under the GST system. It is based on the International Classification of Goods and Services and is used across India. The first two digits of the SAC identify the main service category, the next two digits identify the sub-category, and the last two digits identify the specific service within the sub-category.
For example, if a company provides consulting services, the SAC code for this service would be “998311”, with “99” indicating the main category of “Other Services”, “83” indicating the sub-category of “Consultancy Services”, and “11” indicating the specific service of “Consultancy Services in Management”.
What Else Should You Know About SAC?
The SAC is used by businesses to determine the GST rate that applies to a particular service, as well as for tax reporting and compliance purposes. It is important for businesses to use the correct SAC code for their services in order to accurately classify and report their services for GST purposes. Overall, the SAC is a helpful tool for businesses in India to ensure that their services are properly classified and taxed under the GST system.