Services Under SAC Code 997161

Transaction processing, financial support, insurance advisory, claims handling and actuarial services under these SAC codes are treated as financial services under GST. The taxable value normally includes processing fees, support charges, advisory retainers, commission on services and professional consulting fees received from clients, while pure statutory levies or reimbursed government charges at actuals may be kept outside the value if conditions are satisfied.

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. Where special notifications or valuation rules apply to particular insurance or forex segments, those must be reviewed before finalising the GST position on each fee component.

The table below sets out the prevailing GST treatment for SAC code 997161, showing the standard 18% slab for insurance advisory and brokerage services and any notified variations that may apply.

Service providers using this SAC code should show service value, GST rate in % and GST amount clearly on tax invoices or statements. The same SAC and rate should be reflected in GSTR 1 and GSTR 3B so that clients can book expenses correctly, claim input tax credit where eligible and stay comfortable during GST assessments or audits.

Insurance advisory services under SAC 997161 cover brokerage, advisory and agent support for choosing policies across life, health, motor and other risks. Advisory and brokerage fees are typically taxed at 18% with input tax credit for eligible recipients, subject to sector specific rules. Service providers should classify such work under SAC 997161, apply the correct GST rate in %, show GST clearly and reflect the same treatment in GST returns.