Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

SAC code and Tax Rate for Rice bran oil extract

701 views

Save Share

R.Iyappan

Admin Officer

26 Points Posted on 10 April 2023

My client doing oil extraction business..

supplier send Rice Bran

we have rocess and extract to rice bran oil.

now the SAC and Tax % Required.

thanks in advance

Replies (2)

Quick Summary

This discussion clarifies the SAC code for oil extraction services, specifically identifying 998541 for rice bran oil extraction. While the general GST rate for such services is 18%, the exact tax percentage can vary based on the specific extraction process and the business's location within India. Further clarification may be needed for specific scenarios.

CA Sanat Pyne

F.C.A. & M.COM

13022 Points Posted on 10 April 2023

The SAC (Service Accounting Code) for oil extraction services is 998541. As for the tax percentage, it depends on the type of oil extraction and the state in which the business is located. In general, oil extraction services are taxed under the GST (Goods and Services Tax) regime in India, with a tax rate of 18% for most services. However, certain types of oil extraction services may be eligible for lower tax rates or exemptions.