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SAC code 9973 specifically pertains to leasing or rental services of immovable property. It encompasses transactions involving the leasing or renting of land, buildings, and other immovable properties. This code covers a diverse range of services related to the temporary use or occupation of such properties, typically in exchange for a periodic payment or rental fee.
Under SAC code 9973, various types of immovable properties can be included, such as residential houses, commercial spaces, office buildings, industrial premises, warehouses, and vacant land. It applies to both short-term and long-term lease or rental agreements.
By utilizing SAC code 9973, the GST process for leasing or rental services of immovable property becomes more streamlined. It ensures that the appropriate GST rates and regulations are applied to these transactions, enabling accurate taxation and compliance within the real estate sector.
SAC Code 9973 under GST can be classified in the following ways:
| SAC Code | Description | Rates(%) |
|---|---|---|
| 9973 | Services by way of giving on hire Ð (a) to a state transport undertaking, a motor vehicle meant to carry more than twelve passengers; or (b) to a goods transport agency, a means of transportation of goods. | Nil |
| 9973 | Services provided by the Central Government, State Government, Union territory or local authority by way of allowing a business entity to operate as a telecom service provider or use radio frequency spectrum during the period prior to the 1st April, 2016, on payment of licence fee or spectrum user charges, as the case may be. | Nil |
| 9973 | Other Leasing or rental services, with or without operator | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 9973 | Services of leasing of assets (rolling stock assets including wagons, coaches, locos) by the Indian Railways Finance Corporation to Indian Railways. | Nil |
| 9973 | Services provided by the Central Government, State Government, Union territory or local authority by way of assignment of right to use any natural resource where such right to use was assigned by the Central Government, State Government, Union territory or local authority before the 1st April, 2016: Provided that the exemption shall apply only to tax payable on one time charge payable, in full upfront or in installments, for assignment of right to use such natural resource. | Nil |
| 9973 | Temporary or permanent transfer or permitting the use or enjoyment of Intellectual Property (IP) right in respect of goods other than Information Technology software. | 12% |
| 9973 | Leasing of motor vehicles purchased and leased prior to 1st July 2017 | 65 per cent. of the rate of integrated tax as applicable on supply of like goods involving transfer of title in goods. Note:- Nothing contained in this entry shall apply on or after 1st July, 2020. |
| 9973 | (vii) Time charter of vessels for transport of goods. | 5 Provided that credit of input tax charged on goods (other than on ships, vessels including bulk carriers and tankers) has not been taken |
| 997311 | Leasing or rental services concerning transport equipments including containers, with or without operator | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997312 | Leasing or rental services concerning agricultural machinery and equipment with or without operator | Nil |
| 997313 | Leasing or rental services concerning construction machinery and equipment with or without operator | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997314 | Leasing or rental services concerning office machinery and equipment (except computers) with or without operator | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997315 | Leasing or rental services concerning computers with or without operators | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997316 | Leasing or rental services concerning telecommunications equipment with or without operator | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997319 | Leasing or rental services concerning other machinery and equipments with or without operator | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997321 | Leasing or rental services concerning televisions, radios, video cassette recorders, projectors, audio systems and related equipment and accessories (Home entertainment equipment ) | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997322 | Leasing or rental services concerning video tapes and disks (Home entertainment equipment ) | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997323 | Leasing or rental services concerning furniture and other household appliances | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997324 | Leasing or rental services concerning pleasure and leisure equipment. | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997325 | Leasing or rental services concerning household linen. | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997326 | Leasing or rental services concerning textiles, clothing and footwear. | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997327 | Leasing or rental services concerning do-it-yourself machinery and equipment | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997329 | Leasing or rental services concerning other goods | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997331 | Licensing services for the right to use computer software and databases. | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997332 | Licensing services for the right to broadcast and show original films, sound recordings, radio and television programme etc. | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997333 | Licensing services for the right to reproduce original art works | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997334 | Licensing services for the right to reprint and copy manuscripts, books, journals and periodicals. | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997335 | Licensing services for the right to use R&D products | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997336 | Licensing services for the right to use trademarks and franchises | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997337 | Licensing services for the right to use minerals including its exploration and evaluation | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997338 | Licensing services for right to use other natural resources including telecommunication spectrum | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
| 997339 | Licensing services for the right to use other intellectual property products and other resources n.e.c | Same rate of integrated tax as applicable on supply of like goods involving transfer of title in goods |
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.
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