The Service Accounting Code (SAC) 997212 pertains to "Residential property leasing or rental services" under the broader category of "Real estate services" in the GST regime in India.
SAC Code 997212 Details:
- 997212: Leasing or rental services concerning residential property
- This includes leasing or rental services of residential buildings or dwellings, which are typically used as a place of residence.
GST Rate for SAC Code 997212:
As of the latest GST rules, the leasing or renting of residential property for use as a residence is exempt from GST. Therefore, there is no GST applicable on services classified under SAC code 997212 when the property is rented for residential purposes.
Key Points:
- 9972: Real estate services
- 997212: Leasing or rental services concerning residential property
GST Exemption:
- Residential property leasing or rental services are exempt from GST if the property is used for residential purposes.
