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SAC code 9981 covers an extensive array of research and development services. It encompasses scientific research services, market research services, and other research and development activities across diverse fields such as agriculture, medical science, engineering, and social science.
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 9981 under GST can be classified in the following ways:
| SAC Code | Description | Rates(%) |
|---|---|---|
| 9981 | Services provided by an incubatee up to a total turnover of fifty lakh rupees in a financial year subject to the following conditions, namely:-(a) the total turnover had not exceeded fifty lakh rupees during the preceding financial year; and(b) a period of three years has not elapsed from the date of entering into an agreement as an incubate. | Nil |
| 998111 | Research and experimental development services in natural sciences | 18% |
| 998112 | Research and experimental development services in engineering and technology | 18% |
| 998113 | Research and experimental development services in medical sciences and pharmacy. | 18% |
| 998114 | Research and experimental development services in agricultural sciences. | 18% |
| 998121 | Research and experimental development services in social sciences. | 18% |
| 998122 | Research and experimental development services in humanities | 18% |
| 998130 | Interdisciplinary research and experimental development services. | 18% |
| 998141 | Research and development originals in pharmaceuticals | 18% |
| 998142 | Research and development originals in agriculture | 18% |
| 998143 | Research and development originals in biotechnology | 18% |
| 998144 | Research and development originals in computer related sciences | 18% |
| 998145 | Research and development originals in other fields n.e.c. | 18% |
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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BUSY is a simple, yet powerful GST / VAT compliant Business Accounting Software that has everything you need to grow your business.