997132

SAC Code 997132: GST Rate & Description

Life insurance services (excluding reinsurance services)
SAC Chapter 99 — Services (SAC) 6-digit code 18% GST
Parent codes: 99 — All services 9971 — Financial and related services
GST Rate Breakdown
CGST
9%
SGST / UTGST
9%
IGST
18%

CGST+SGST apply to intra-state transactions. IGST applies to inter-state and imports. Cess may apply additionally for certain goods.

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Related SAC codes (41 codes)
997111 Central banking services 997112 Deposit services 997113 Credit-granting services including stand-by comm… 997114 Financial leasing services 997115 Transfer of the right to use any goods for any p… 997116 Any transfer of right in goods or of undivided s… 997119 Other financial services (except investment bank… 997120 Investment banking services 997131 Pension services 997132 Life insurance services (excluding reinsurance… 997133 Accident and health insurance services 997134 Motor vehicle insurance services 997135 Marine, aviation, and other transport insurance… 997136 Freight insurance services and travel insurance… 997137 Other property insurance services 997138 Freight insurance services and travel insurance… 997139 Other non-life insurance services (excluding rei… 997141 Life reinsurance services 997142 Accident and health reinsurance services 997143 Motor vehicle reinsurance services 997144 Marine, aviation and other transport reinsurance… 997145 Freight reinsurance services 997146 Other property reinsurance services 997147 Other property reinsurance services 997149 Other non-life reinsurance services 997151 Services related to investment banking such as m… 997152 Brokerage and related securities and commodities… 997153 Portfolio management services except pension fun… 997154 Trust and custody services 997155 Services related to the administration of financ… 997156 Financial consultancy services 997157 Foreign exchange services 997158 Financial transactions processing and clearing h… 997159 Other services auxiliary to financial services 997161 Services auxiliary to insurance and pensions 997162 Insurance claims adjustment services 997163 Actuarial services 997164 Pension fund management services 997169 Other services auxiliary to insurance and pensio… 997171 Services of holding equity of subsidiary compani… 997172 Services of holding securities and other assets…

About SAC Code 997132

SAC code 997132 is a 6-digit Services Accounting Code (SAC) used in India for GST classification. It covers: Life insurance services (excluding reinsurance services).

This code falls under Chapter 99 (Services (SAC)) of the Indian GST tariff. The applicable GST rate is 18% (CGST 9% + SGST 9% for intra-state, or IGST 18% for inter-state transactions).

Who needs this code? Any GST-registered business supplying services classified under this SAC code must quote it on their tax invoices. Turnover above ₹5 crore requires 6-digit SAC codes; exporters must use 8-digit HSN codes.

Frequently Asked Questions

What is SAC code 997132?
SAC 997132 refers to: Life insurance services (excluding reinsurance services). It belongs to Chapter 99 (Services (SAC)) of the GST tariff.
What is the GST rate for SAC code 997132?
The GST rate for SAC code 997132 is 18% — CGST 9% + SGST 9% for intra-state, or IGST 18% for inter-state supply.
Is SAC code 997132 mandatory on invoices?
Yes. If your business supplies goods/services under this code, you must quote the HSN/SAC code on GST invoices. Businesses with turnover below ₹5 crore use 4-digit HSN; above ₹5 crore use 6-digit; exporters use 8-digit.
What chapter does SAC code 997132 belong to?
SAC code 997132 belongs to Chapter 99 of the GST tariff, which covers Services (SAC).