The SAC (Service Accounting Code) for bank charges falls under heading 9971, which covers financial and related services. Specifically, bank charges can be classified under:
9971.99: Other financial services not elsewhere classified
This category covers a variety of financial services provided by banks, such as account maintenance charges, service charges, transaction charges, and other miscellaneous bank charges.
For GST purposes in India, the GST rate for services classified under SAC code 9971.99, including bank charges, is generally 18%.
