Market Research Services Under SAC Code 998371
Market Research Services give companies structured insights into customer needs, competitor actions and market trends. Businesses depend on these studies before launching new products, entering cities or changing pricing.
SAC 998371 is used when the main work relates to market research and analysis services for business decision-making It is meant for professional assignments where the service provider brings media, research or campaign expertise to help the client reach clear objectives.
In practical terms, projects under this SAC often cover areas like business market analysis, consumer research consultancy. Using SAC 998371 for such engagements keeps the nature of the service and its GST classification aligned with the agreed scope.
Market Research Services GST Rate for SAC Code 998371
Under GST, market research services are classified as supply of services. The taxable value generally includes charges for study design, data collection, analysis, reporting and presentations that form part of the same research assignment.
Post the September 2025 GST changes, market and opinion research services also fall under the standard 18% slab, unless covered by a special notification. Business clients can generally claim input tax credit where these studies support their taxable activities and proper documentation is maintained.
The table below gives the prevailing standard GST rate for SAC code 998371.
| Code | Description | Old GST Rate (till 21 Sep 2025) |
New GST Rate (from 22 Sep 2025) |
Notes on change / inclusions |
|---|---|---|---|---|
| 998371 | Market research services | 18% with ITC | 18% with ITC | Market research and survey agencies (brand studies, usage & attitude, etc.) are listed with 18% GST; 5 / 12 / Nil FIFA-event entries do not apply to typical commercial research. |
In day to day billing, firms that provide market research services should charge 18% GST on eligible fees, mention SAC 998371 on their invoices and maintain clear project wise records so that research spend and GST treatment are transparent.
Explore Other SAC Codes Under 9983
SAC 998371 comes under heading 9983, which groups advertising, media, research and related professional support services used by businesses and institutions.
Below are the major related six-digit SAC codes under parent 9983.
For the 9983 group, this code will normally apply where the main service is clearly market research services. Other codes in the same heading should be used when the engagement clearly fits their specific activity.
Conclusion
This code is intended for market research services where structured studies, surveys and analysis are carried out for clients. The code is generally taxed at 18% under GST, and using it consistently with the correct rate in % helps businesses keep their research and insight spending clearly mapped in their tax records.
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.
Frequently Asked Questions
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What is SAC code 998371 in GST for market research services?
SAC 998371 covers professional market research, including consumer surveys, brand tracking, competition studies and business market analysis. Agencies collect and analyse data to help companies understand customer behaviour, market size and opportunities for new or existing products.
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Does SAC 998371 cover consumer research, surveys and business market analysis?
Yes, questionnaire based surveys, focus groups, retail audits and data modelling used to measure awareness, consideration, usage or satisfaction normally fall under 998371. It applies to both quantitative and qualitative research work done for corporate, government or institutional clients.
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What GST rate applies to market research services under SAC 998371?
Market research services classified under SAC 998371 are usually taxed at 18% GST as part of professional services. There are generally no special exemptions, so agencies and clients should treat the full service fee as taxable at the standard rate.
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Should research agencies use SAC 998371 for brand studies and customer insights?
Yes, when the main output is research reports and insights rather than execution of marketing campaigns, agencies should normally classify the work under 998371. This covers brand health studies, segmentation research, product testing and similar strategic research assignments.
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Can companies claim ITC on GST paid for SAC 998371 reports used in decision-making?
Businesses can generally claim ITC on GST paid for eligible research services when the insights are used to support taxable business activities, such as launching products or planning marketing. ITC may be limited if the business mainly makes exempt supplies or uses the research for non business purposes.