SAC code and Tax Rate for Rice bran oil extract
R.Iyappan (Admin Officer) (10 Points)
10 April 2023supplier send Rice Bran
we have rocess and extract to rice bran oil.
now the SAC and Tax % Required.
thanks in advance
CA Sanat Pyne
(F.C.A. & M.COM)
(20102 Points)
Replied 10 April 2023
The SAC (Service Accounting Code) for oil extraction services is 998541. As for the tax percentage, it depends on the type of oil extraction and the state in which the business is located. In general, oil extraction services are taxed under the GST (Goods and Services Tax) regime in India, with a tax rate of 18% for most services. However, certain types of oil extraction services may be eligible for lower tax rates or exemptions.
R.Iyappan
(Admin Officer)
(10 Points)
Replied 10 April 2023
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)