The SAC (Service Accounting Code) for vehicle insurance services falls under heading 9971, which covers financial and related services, including insurance services.
Here is a description:
99: Services
71: Financial services (including insurance and pension services)
Specifically, vehicle insurance classified under:
9971.10: Life insurance services
9971.20: Accident and health insurance services
9971.90: Other insurance services (which includes general insurance services such as vehicle insurance)
For vehicle insurance, the relevant SAC code is usually:
9971.90: Other insurance services
For GST purposes in India, the GST rate for general insurance services, including vehicle insurance, is generally 18%.
