SAC code for bank charges.
Bank charges is classified under SAC code 997119 (Other financial services (except investment banking). The GST rate is 18%, effective 2019-01-01, per 11/2017-Central Tax (Rate) as amended by 27/2018-Central Tax (Rate).
GST rate for bank charges
| gst | cgst + sgst | what it covers | entry |
|---|---|---|---|
| 18% | 9% + 9% | Financial and related services other than the items above (banking, insurance, broking, fund management etc.) | S.No 15 item (vii)11/2017-Central Tax (Rate) as amended by 27/2018-Central Tax (Rate) |
source: 11/2017-Central Tax (Rate) as amended by 27/2018-Central Tax (Rate) · effective 2019-01-01 · rate inherited from heading 9971
Invoice examples at 18%
Intra-state sale of ₹10,000 at 18% GST
- Taxable value₹10,000
- CGST @ 9%₹900
- SGST @ 9%₹900
- Invoice total₹11,800
Inter-state sale of ₹1,00,000 at 18% GST
- Taxable value₹1,00,000
- IGST @ 18%₹18,000
- Invoice total₹1,18,000
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Full detail — official text, every sub-code and rate history — on the SAC 997119 code page → · chapter 99 — All Services
compiled from official CBIC sources · not tax advice — verify with your tax advisor before filing