Manager - Finance & Accounts
58323 Points
Joined June 2010
Hi Kunal!
SAC Code 998719 corresponds to "Other professional, technical and business services not elsewhere classified."
Regarding the GST rate:
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Generally, services under this SAC attract 18% GST (either CGST+SGST or IGST, depending on the nature of supply).
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A 5% GST rate is not standard for SAC 998719 unless a specific exemption or special notification applies.
If your vendor charged 5% IGST, it might be either:
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A mistake on their part, or
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The service might be misclassified or fall under a special scheme, or
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Some concessional rate applicable in a specific sector or scheme.
What you can do:
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Ask your vendor for a clarification on why 5% GST was charged.
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Cross-check the exact nature of service provided.
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Refer to the latest GST rate notifications or the GST tariff schedule.