Services Under SAC Code 997156
Financial consulting services help businesses and investors plan their investments, funding and overall financial strategy. Consultants provide investment advisory, business financial planning and capital structure guidance so that money decisions are more informed and future ready. Under GST, these financial consulting services are classified under SAC 997156. This SAC code and its GST rate decide how GST applies on financial consulting retainers, project fees and advisory charges.
Services GST Rate for SAC Code 997156
Portfolio, custody, financial market, consulting and foreign exchange related services under these SAC codes are treated as financial services under GST. The taxable value normally includes service fees, brokerage, management charges, advisory retainers and other consideration received from clients, while pure statutory levies collected at actuals for exchanges or regulators are kept outside the value if conditions are met.
After the September 2025 rationalisation, most taxable financial service components that are not specifically exempt are generally placed in the 18% slab with input tax credit for eligible registered clients. Certain capital market and forex transactions may be guided by special valuation rules or notifications, so these should be reviewed carefully before freezing the GST position.
The table below sets out the current GST treatment for SAC code 997156, covering the standard 18% slab for financial consulting services and any notified variations for specific consulting structures.
| Code | Description | Old GST Rate (till 21 Sep 2025) |
New GST Rate (from 22 Sep 2025) |
Notes on change / inclusions |
|---|---|---|---|---|
| 997156 | Financial consultancy services | 18% with ITC | 18% with ITC | Classified under financial services; multiple independent HSN rate tools show 18% as the operative rate. Historic concessional entries for specific sports events do not alter the general rate. No change notified in the September 2025 rationalisation. |
Service providers using this SAC code should clearly show service value, GST rate in % and GST amount on tax invoices or statements. The same SAC and rate should be followed in GSTR 1 and GSTR 3B so that clients can book expenses correctly, claim input tax credit where eligible and remain comfortable during GST assessments.
Explore Other SAC Codes Under 9971
These SAC codes fall under the financial and insurance services group 9971, which covers banking, investment, insurance, reinsurance and capital market related activities. Each six digit SAC within this group points to a specific type of financial or market service for GST classification and reporting.
Below are the major related six-digit SAC codes under parent 9971.
Banks, NBFCs, brokers and advisory firms should choose the SAC that best describes their core offering, whether it is portfolio management, custody, financial market operations, financial consulting or foreign exchange services. Using the correct SAC and GST rate in % makes billing transparent, supports proper input tax credit and reduces disputes during GST scrutiny.
Conclusion
Financial consulting services under SAC 997156 cover investment advisory and business financial planning support for individuals and enterprises. Consulting fees here usually fall in the 18% GST slab with input tax credit for registered business clients. Consultants should classify their work under SAC 997156, apply the correct GST rate in %, separate GST on invoices and maintain the same treatment in GST returns.
Important Disclaimer
The entire content on this page has been arranged to the best of the author's understanding and is subject to periodic updates as per the law for the time being in force. The above does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this content, the existence of mistakes and omissions cannot be ruled out. BUSY Infotech Private Ltd. and its associates will not be held responsible for any loss or damage arising from any inaccurate or incomplete information in this document. We recommend consulting a professional tax consultant before acting on the information contained in this piece of content.