Financial & Banking Services SAC Codes & GST Rate
Banking services, insurance, loan processing, investment advisory, and financial intermediation.
GST Invoice Generator
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| Item Description | Qty | Rate | Tax % | Amount | |
|---|---|---|---|---|---|
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Financial & Banking Services — SAC Code List
| SAC Code | Service Description | GST Rate |
|---|---|---|
| 997111 | Central banking services | 0% (exempted) or 18% |
| 997113 | Financial leasing services | 0% (exempted) or 18% |
| 997119 | Other banking & financial services | 0% (exempted) or 18% |
| 997120 | Investment banking & securities services | 0% (exempted) or 18% |
| 997130 | Insurance & pension fund services | 0% (exempted) or 18% |
| 997150 | Financial advisory services | 0% (exempted) or 18% |
Source: CBIC GST Rate Notification. Always verify the current rate at cbic-gst.gov.in before filing returns.
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Sample GST Invoice — Financial & Banking Services
An independent financial advisor invoices a client ₹50,000 for portfolio advisory services (SAC 997150). GST at 18% = ₹9,000. Total invoice: ₹59,000. Note: Pure banking and insurance services are partially exempt.
How to enter on your GST invoice:
- Select "Service" type in the invoice generator
- Enter SAC code: 997111
- Enter the service description matching your work
- Select GST rate: 0% (exempted) or 18%
- Enter buyer's state — CGST+SGST applies for intra-state, IGST for inter-state
GST Applicability — Financial & Banking Services
| Scenario | Tax Type | Rate |
|---|---|---|
| Intra-state supply (seller & buyer same state) | CGST + SGST | 0% (exempted) or 18% split equally |
| Inter-state supply (different states) | IGST | 0% (exempted) or 18% (full) |
| Export (service recipient outside India) | Zero-rated (IGST 0% or LUT) | 0% (refundable) |
Frequently Asked Questions
Are banking services subject to GST?
Most banking services attract 18% GST — including processing fees, service charges, credit card fees, NEFT/RTGS fees, and forex services. However, certain services like basic savings account operations, interbank transactions, and some deposit services may be exempt.
What GST applies to insurance premiums?
Life insurance premiums: 18% GST on the risk portion. Health insurance premiums: 18% GST on the full premium. Term insurance (pure risk): 18% GST. ULIP charges: 18% GST on fund management charges. General insurance: 18% GST on premium.
Do mutual fund distributors need to pay GST?
Yes. Commission and trail fees earned by mutual fund distributors (ARN holders) from AMCs attract 18% GST under SAC 997150. If annual commission income exceeds ₹20 lakh, GST registration and payment is mandatory.
Is investment advisory a taxable service under GST?
Yes. Investment advisory, portfolio management, and financial planning services attract 18% GST under SAC 997150. SEBI-registered investment advisors (RIAs) must charge GST on their advisory fees if their annual revenue exceeds ₹20 lakh.
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SAC code 997111 pre-filled. GST at 0% (exempted) or 18% calculated automatically.
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