Services Under SAC Code 997163

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 gives an overview of the GST treatment for SAC code 997163, highlighting the usual 18% slab for actuarial services and any special rules for specific actuarial engagements.

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.

Actuarial services under SAC 997163 cover risk analysis, pricing and financial modelling for insurance, pension and other long term liability portfolios. Actuarial consulting fees generally attract 18% GST with input tax credit for eligible registered entities. Firms should classify such services under SAC 997163, apply the correct GST rate in %, disclose GST separately and maintain the same position in GST returns so that their input tax credit trail is clear.