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Bank Charges attracts 18% GST under SAC code 997119. Calculate the exact tax below.
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Bank Charges is classified under SAC code 997119 for GST purposes. The Services Accounting Code (SAC) is used to classify services under GST. This code must be mentioned on GST invoices when billing for bank charges.
Banking and financial services attract 18% GST since July 2017. This includes processing fees, locker charges, and other bank service charges.
Yes, input tax credit (ITC) is available on bank charges for registered businesses. If you purchase bank charges for business purposes, the GST paid (18%) can be claimed as ITC against your output tax liability, subject to conditions under Section 16 of the CGST Act.
Here are example calculations showing GST on bank charges at 18% for common price points:
| Base Price | GST (18%) | CGST (9%) | SGST (9%) | Total |
|---|---|---|---|---|
| ₹500 | ₹90 | ₹45 | ₹45 | ₹590 |
| ₹1,000 | ₹180 | ₹90 | ₹90 | ₹1,180 |
| ₹5,000 | ₹900 | ₹450 | ₹450 | ₹5,900 |
| ₹10,000 | ₹1,800 | ₹900 | ₹900 | ₹11,800 |
More in Services:
Other items at 18% GST:
Bank Charges attracts 18% GST in India under SAC code 997119. For intra-state sales, this is split into 9% CGST and 9% SGST. For inter-state sales, 18% IGST applies.
The SAC code for Bank Charges is 997119. SAC (Services Accounting Code) is used to classify services under GST. This code should be mentioned on all GST invoices.
To add 18% GST on bank charges: GST Amount = Base Price × 18/100. Total = Base Price + GST Amount. For example, on ₹1,000: GST = ₹180, Total = ₹1,180.
Yes, registered businesses can claim input tax credit on bank charges purchased for business purposes. The 18% GST paid can be offset against your output GST liability, subject to Section 16 conditions of the CGST Act.
Banking and financial services attract 18% GST since July 2017. This includes processing fees, locker charges, and other bank service charges.