GST Rates and SAC Code 9986 for Agriculture Support Services The HSN SAC code is important for classifying goods and services for GST Samiation, and was introduced by the Central Board of Indirect Taxes in addition to the Customs Service (CBIC). These codes define the species and functions of many objects or services, which is necessary to determine the frequency of GST. There are five plates for GST under SAC, zero, 5%, 12%, 18%and 28%. Length of SAC code options up to 4 to 8 digits, depending on the classification of services. The HSN SAC code is 99861 for agriculture, hunting, forestry and fishing support services, which is covered under Chapter 99. Learn more about HSN SAC code for agriculture, hunting, forestry and fishing support services, GST prices (IGST, CSGT, SGST).
What is the HSN SAC Code for Agricultural, Hunting, Forestry & Fishing Support Services 99861? The SAC HSN Code is vital for goods and services sold in India. Agricultural, Hunting, Forestry, & Fishing Support Services are sheltered under the 99861 HSN SAC code. The first two digits, 99, represent the services chapter, and the next two digits represent the major service category. This numeric code classifies services to regulate the applicable GST rates in India. Hence, the HSN SAC code for Agricultural, Hunting, Forestry & Fishing Support Services 99861 helps to sort, classify, identify, and determine the applicability of services in India. Suggested Read: Telecommunication Services GST Rates and SAC Code 9984
HSN Code & GST Rates for Agricultural, Hunting, Forestry & Fishing Support Services: Here's a complete list of HSN SAC codes for Agricultural, Hunting, Forestry, & Fishing Support Services, along with GST rates, which come under Chapter 99 of 99861. To find more, click on our HSN code finder.
Decoding SAC 998611 Digits Details 9986 "First 4 digits, (9986) represents heading under which this SAC falls. This heading is for Support services to agriculture, hunting, forestry, fishing, mining and utilities.." "99861 5 digit SAC code for Support services to agriculture, hunting, forestry and fishing" "First 5 digits, (99861) represents group number. This group is for Support services to agriculture, hunting, forestry and fishing." "998611 6 digit SAC code for Support services to crop production" "6 digit SAC code, (998611) represents service. This code is for Support services to crop production."
Importance of HSN SAC Code under GST Compliance Provide accurate info regarding services: The HSN SAC code provides accuracy for many services, including Agricultural, Hunting, Forestry, & Fishing Support Services (code 99861); plateful businesses find correct GST rates.
1. Assist in filing GST Returns: Using the right HSN SAC code for amenities like Agricultural, Hunting, Forestry, & Fishing Support Services aids businesses in filing accurate GST returns.
2. Accountability and transparency: Using the correct HSN SAC code for Farming, Hunting, Forestry & Fishing Support Services (99861) fosters photograph and accountability between the government and businesses.
Key Features of HSN SAC Code for Agricultural, Hunting, Forestry & Fishing Support Services 1. All SAC codes for services like Agricultural, Hunting, Forestry & Fishing Support Services begin through the digits' 99'.
2. These digits are further characterized by the nature and characteristics of services.
3. These digits provide full information about services rendered and related tax liability.
4. The length of the HSN SAC code varies according to the total turnover of services condensed by service providers.
GST Rate Associated with HSN SAC Code Under CBIC guidelines, services associated with HSN SAC codes are taxed under 5 GST slab rates:
1. 0%
2. 5%
3. 12%
4. 18%
5. 28%
If services are not mentioned or assigned an exact SAC code, an 18% GST will be imposed by default.
Who needs to get the HSN SAC Code for Agricultural, Hunting, Forestry & Fishing Support Services? According to Notification Number 78/2020, CT(R), dated November 10, 2020, service providers with an annual total turnover exceeding Rs. 5 crore in the previous year must use a 6-digit HSN SAC code for invoices in addition to GSTR-1. This notification came into effect on April 1, 2021, for registered B2B businesses with once-a-year turnovers under Rs. 5 crores, a 4-digit SAC code is applied. B2C businesses (composition dealers) may opt to use a 4-digit SAC code. For unregistered dealers, picking a SAC code is not required. Suggested Read: Understanding GST Rates and SAC Code 9985 for Support Services
Conclusion HSN SAC Code is crucial for recognizing services underneath GST compliance. Many services rendered by businesses in India are allied with HSN SAC codes according to the five GST tax slab rates. Businesses would assess the services they provide to determine the appropriate HSN SAC code.
FAQs 1. What is the SAC code for agriculture support services? SAC code 9986 is specifically elected for support services related to agriculture, forestry, fishing, animal husbandry, and other similar activities. This code covers a diverse range of services that play a vivacious role in supporting and enhancing these industries.
2. What is the GST rate for agricultural services? While farming products themselves may be exempt from GST, the services related to the sale of these products, such as a commission for mediators or brokers, are subject to GST. The rate applicable to such services is generally 18%.
3. What is the HSN code for agricultural support services? HSN Code 998619: Other support services to agriculture, hunting, forestry, and fishing. Streamline cash flow and generate higher returns on your funds.
4. What is the HSN code 9986? The 9986 HSN code embraces a broad range of services related to transportation in addition to logistics. Some of the specific services covered under this code include cargo handling services, such as loading and unloading goods. Transportation services, with land, sea, and air transportation.
People Also Ask 1. What is the SAC code 9986 in GST? SAC code 9986 refers to Agricultural, Hunting, Forestry, Fishing, and Animal Husbandry Support Services under the GST classification system. It covers a broad range of auxiliary services that aid agricultural operations, including soil preparation, crop maintenance, harvesting, and post-harvest processing.
2. What is the GST rate for agriculture support services? While most core agricultural activities are exempt from GST , support services such as commission, packaging, or processing for a fee may attract 18% GST under SAC 9986, depending on the nature of the service.
3. What does SAC code 99861 cover? SAC 99861 specifically includes support services related to agriculture, hunting, forestry, and fishing , such as crop cultivation assistance, pest control, irrigation services, animal husbandry support, and forestry management activities.
4. Are agricultural services fully exempt from GST? No. Primary agricultural activities like cultivation and harvesting are exempt. However, ancillary services such as agricultural machinery rental, packaging, or processing for other businesses may attract 5% or 18% GST , depending on classification.
5. What is the importance of SAC codes under GST? SAC (Services Accounting Code) ensures accurate service classification , determines applicable GST rates , and maintains compliance transparency between businesses and tax authorities, particularly for multi-sector operations.
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