--- title: "Marine Reinsurance Services | Professional Marine Reinsurance Solutions" description: "Expert marine reinsurance services covering compliant, reliable, and high-quality solutions tailored to your needs. SAC Code 997144." canonical: "https://busy.in/sac-code-997144/" --- # Marine Reinsurance under SAC Code 997144 Part of [SAC 9971: Financial & related services](https://busy.in/sac-code-9971/). Marine reinsurance services cover shipping, cargo and related transport risks which are first insured by marine insurers and then partly reinsured with specialist reinsurers. These solutions help spread large marine, aviation and transit risks across multiple players and markets. Under GST, such marine reinsurance services are classified under SAC 997144. This SAC code and its GST rate decide how GST applies on marine and aviation reinsurance premiums and settlements between insurers and reinsurers. ## 997144 SAC Code GST rate Reinsurance services under these SAC codes are treated as financial and insurance related services under GST. The taxable value usually includes reinsurance premium, any additional service charges and commission adjustments between insurers and reinsurers, while pure claim payouts under contracts are treated separately as indemnity and not as consideration for services. After the September 2025 rationalisation, most taxable insurance and reinsurance service components that are not specifically exempt are generally placed in the 18% slab with input tax credit for eligible registered recipients. Certain life insurance and reinsurance segments may follow special valuation or rate notifications, so these should be checked carefully before deciding the final GST treatment. **The table below explains the prevailing GST treatment for SAC code 997144, indicating the usual 18% slab for taxable reinsurance services and any notified exceptions that may apply.** | SAC code | Description | New GST rate (from 22 Sep 2025) | Old GST rate (till 21 Sep 2025) | Notes | | --- | --- | --- | --- | --- | | 997144 | Marine, aviation and other transport reinsurance services | 18% with ITC | 18% with ITC | Marine, aviation and other transport reinsurance remains fully taxable at 18% with ITC. The September 2025 changes do not grant any special concession to these reinsurance lines. | Insurers and reinsurers using this SAC code should clearly show reinsurance premium value, GST rate in % and GST amount on tax invoices or reinsurance statements. The same SAC and rate should be mirrored in GSTR 1 and GSTR 3B so that input tax credit can be tracked correctly and GST positions remain defendable during audits. ## Practical classification guidance Insurers, reinsurers and financial service providers should choose the SAC that most accurately reflects the underlying service, such as life reinsurance, accident reinsurance, motor reinsurance or marine reinsurance. Correct SAC selection and GST rate application in % helps maintain a clean audit trail, supports proper input tax credit and reduces disputes during GST scrutiny or assessments. ## Conclusion Marine reinsurance services under SAC 997144 cover reinsurance of marine, cargo and allied transport risks that are ceded by insurers to reinsurers. These reinsurance service components are usually taxed at 18% with input tax credit, subject to any specific insurance sector relaxations. Service providers should classify these under SAC 997144, apply the correct GST rate in %, disclose GST amounts clearly and maintain the same treatment in GST returns so that compliance remains smooth. ## Frequently asked questions ### What is SAC code 997144 in GST for marine reinsurance? SAC 997144 covers reinsurance for marine and aviation insurance risks. It applies when insurers transfer part of their marine hull, cargo or aviation risk portfolios to reinsurers who agree to share premiums and claims under agreed treaty or facultative arrangements. ### Does SAC 997144 cover reinsurance of marine and aviation insurance risks? Yes. Reinsurance contracts relating to ships, aircraft and associated marine or aviation risks fall under SAC 997144. These may involve treaties covering multiple policies or one-off facultative covers for large or special risks like big ships or airline fleets. ### What GST rate applies to marine reinsurance services under SAC 997144? Marine and aviation reinsurance services are usually taxable at 18% under GST. GST is payable on the reinsurance premium charged by the reinsurer. The rate is similar to other taxable services, though special rules may exist for export of services and cross border reinsurance arrangements. ### Are cargo and hull treaties billed using SAC 997144? Yes. Many hull and certain cargo reinsurance treaties related to marine or aviation sectors are billed under SAC 997144. However, some pure cargo reinsurance might use other specific SACs, depending on classification. Insurers and reinsurers decide the most accurate code based on the risk covered. ### Can insurers claim ITC on GST paid for SAC 997144 services? Insurers can generally claim ITC on GST paid for marine and aviation reinsurance services, as they are used for providing taxable insurance outputs. They must treat reinsurance premiums as input services and follow GST rules, including any special export of services provisions in global reinsurance deals. ## Explore more ### Other SAC services under 9971 - [997111: Central Banking](https://busy.in/sac-code-997111/) - [997112: Deposit](https://busy.in/sac-code-997112/) - [997113: Credit Granting](https://busy.in/sac-code-997113/) - [997114: Equipment Leasing](https://busy.in/sac-code-997114/) - [997119: Financial](https://busy.in/sac-code-997119/) - [997120: Investment Banking](https://busy.in/sac-code-997120/) - [997131: Pension](https://busy.in/sac-code-997131/) - [997132: Life Insurance](https://busy.in/sac-code-997132/) - [997133: Accident Insurance](https://busy.in/sac-code-997133/) - [997134: Motor Insurance](https://busy.in/sac-code-997134/) - [997135: Transport Insurance](https://busy.in/sac-code-997135/) - [997136: Freight Insurance](https://busy.in/sac-code-997136/) - [997137: Property Insurance](https://busy.in/sac-code-997137/) - [997139: Non Life Insurance](https://busy.in/sac-code-997139/) - [997141: Life Reinsurance](https://busy.in/sac-code-997141/) - [997142: Accident Reinsurance](https://busy.in/sac-code-997142/) - [997143: Motor Reinsurance](https://busy.in/sac-code-997143/) - [997145: Cargo Insurance](https://busy.in/sac-code-997145/) - [997146: Commercial Property Insurance](https://busy.in/sac-code-997146/) - [997149: Non Life Reinsurance](https://busy.in/sac-code-997149/) - [997151: M&A Advisory](https://busy.in/sac-code-997151/) - [997152: Stock Brokerage](https://busy.in/sac-code-997152/) - [997153: Portfolio Management](https://busy.in/sac-code-997153/) - [997154: Custody](https://busy.in/sac-code-997154/) - [997155: Financial Market](https://busy.in/sac-code-997155/) - [997156: Financial Consulting](https://busy.in/sac-code-997156/) - [997157: Foreign Exchange](https://busy.in/sac-code-997157/) - [997158: Transaction Processing](https://busy.in/sac-code-997158/) - [997159: Financial Support](https://busy.in/sac-code-997159/) - [997161: Insurance Advisory](https://busy.in/sac-code-997161/) - [997162: Insurance Claim](https://busy.in/sac-code-997162/) - [997163: Actuarial](https://busy.in/sac-code-997163/) - [997164: Pension Fund Management](https://busy.in/sac-code-997164/) - [997169: Insurance Support](https://busy.in/sac-code-997169/) - [997171: Holding Company](https://busy.in/sac-code-997171/) - [997172: Trust Fund Management](https://busy.in/sac-code-997172/) ### All SAC headings - [99: All Services Accounting](https://busy.in/sac-code-99/) - [9954: Services in building & construction](https://busy.in/sac-code-9954/) - [9961: Services in wholesale trade](https://busy.in/sac-code-9961/) - [9962: Services in retail trade](https://busy.in/sac-code-9962/) - [9963: Accommodation, food & beverage services](https://busy.in/sac-code-9963/) - [9964: Passenger transport services](https://busy.in/sac-code-9964/) - [9965: Goods transport services](https://busy.in/sac-code-9965/) - [9966: Rental services of transport vehicles](https://busy.in/sac-code-9966/) - [9967: Supporting services in transport](https://busy.in/sac-code-9967/) - [9968: Postal & courier services](https://busy.in/sac-code-9968/) - [9969: Electricity, gas & water supply services](https://busy.in/sac-code-9969/) - [9971: Financial & related services](https://busy.in/sac-code-9971/) - [9972: Real estate services](https://busy.in/sac-code-9972/) - [9973: Leasing or rental services](https://busy.in/sac-code-9973/) - [9981: Research & development services](https://busy.in/sac-code-9981/) - [9982: Legal & accounting services](https://busy.in/sac-code-9982/) - [9983: Professional, technical & business services](https://busy.in/sac-code-9983/) - [9984: Telecommunications & broadcasting supply services](https://busy.in/sac-code-9984/) - [9985: Support services to business](https://busy.in/sac-code-9985/) - [9986: Support services to agriculture, hunting, forestry & more](https://busy.in/sac-code-9986/) - [9987: Maintenance, repair & installation services](https://busy.in/sac-code-9987/) - [9988: Manufacturing services on physical inputs](https://busy.in/sac-code-9988/) - [9989: Services in publishing, printing & bookbinding](https://busy.in/sac-code-9989/) - [9991: Public administration & other services](https://busy.in/sac-code-9991/) - [9992: Education services](https://busy.in/sac-code-9992/) - [9993: Human health & social care services](https://busy.in/sac-code-9993/) - [9994: Sewage & waste collection](https://busy.in/sac-code-9994/) - [9995: Services of membership organizations](https://busy.in/sac-code-9995/) - [9996: Recreational, cultural & sporting services](https://busy.in/sac-code-9996/) - [9997: Other Services](https://busy.in/sac-code-9997/)