GST Rate for HSN 9971
Specific items under 9971
| HSN Code | Description | GST Rate |
|---|---|---|
| 997111 | Central banking services | 0% |
| 997112 | Deposit services | 0% |
| 997113 | Credit-granting services including stand-by commitment, guarantees and securities | 0% |
| 997114 | Financial leasing services | 0% |
| 997115 | Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration. | 0% |
| 997116 | Any transfer of right in goods or of undivided share in goods without the transfer of title thereof. | 0% |
| 997119 | Other financial services (except investment banking, insurance services and pension services) | 0% |
| 997120 | Investment banking services | 0% |
| 997131 | pension services | 0% |
| 997132 | Life insurance services | 0% |
| 997133 | Accident insurance services | 0% |
| 997134 | Health insurance services | 0% |
| 997135 | Motor vehicle insurance services | 0% |
| 997136 | Service of third party insurance of “goods carriage” | 0% |
| 997137 | Marine, aviation, and other transport insurance services | 0% |
| 997138 | Freight insurance services and travel insurance services | 0% |
| 997139 | Other non-life insurance services | 0% |
| 997141 | Life reinsurance services | 0% |
| 997142 | Accident and health reinsurance services | 0% |
| 997143 | Motor vehicle reinsurance services | 0% |
| 997144 | Marine, aviation and other transport reinsurance services | 0% |
| 997145 | Freight reinsurance services | 0% |
| 997146 | Other property reinsurance services | 0% |
| 997147 | Other property reinsurance services | 0% |
| 997149 | Other non-life reinsurance services | 0% |
| 997151 | Services related to investment banking such as mergers and acquisition services, corporate finance and venture capital services | 0% |
| 997152 | Brokerage and related securities and commodities services including commodity exchange services | 0% |
| 997153 | Portfolio management services except pension funds | 0% |
| 997154 | Trust and custody services | 0% |
| 997155 | Services related to the administration of financial markets | 0% |
| 997156 | Financial consultancy services | 0% |
| 997157 | Foreign exchange services | 0% |
| 997158 | Financial transactions processing and clearing house services | 0% |
| 997159 | Other services auxiliary to financial services (other than to insurance and pensions) | 0% |
| 997161 | Services auxiliary to insurance and pensions | 0% |
| 997162 | Insurance claims adjustment services | 0% |
| 997163 | Actuarial services | 0% |
| 997164 | Pension fund management services | 0% |
| 997169 | Other services auxiliary to insurance and pensions | 0% |
| 997171 | Services of holding equity of subsidiary companies | 0% |
| 997172 | Services of holding securities and other assets of trusts and funds and similar financial entities | 0% |
Tax calculator for HSN 9971
Enter a taxable value to calculate GST. You can use this for a quick invoice estimate.
Invoice example (₹1,000 taxable value)
Compliance pointers (ITC / RCM / classification)
Input Tax Credit depends on usage conditions, restrictions, and supplier eligibility. Treat this as a quick hint — verify for edge cases.
ITC is BLOCKED on construction of immovable property (for own use), food/beverages, outdoor catering, beauty treatment, and health services.
Reverse Charge is notification-based and can depend on supplier status and transaction type. If you see a warning, double-check notifications and your invoice terms.
- •Compare adjacent headings within Chapter 99 before finalizing.
- •Use chapter notes to avoid common confusions (materials vs finished goods, kits, etc.).
- •For services (99), place-of-supply can change whether IGST/CGST+SGST applies.
FAQs for HSN 9971
What is the GST rate for HSN 9971?▾
GST rate for HSN 9971 is 0%. Always verify the latest CBIC/GST notifications for changes.
Is HSN mandatory on invoices?▾
HSN is generally required on B2B invoices; the number of digits depends on turnover and the nature of supply. Exports/imports typically use more detailed codes.
How do I use this code on an invoice?▾
Add HSN 9971 in the line item and apply GST @ 0%. For intra-state supplies: 0% CGST + 0% SGST. For inter-state supplies: 0% IGST.
Does ITC apply for this HSN?▾
ITC depends on conditions and restrictions under GST law, plus the nature of usage and supplier eligibility. Use the ITC badge as a hint and verify with your CA for edge cases.
Can Reverse Charge (RCM) apply here?▾
RCM is notification-based and depends on the supply category, supplier status, and transaction type. If you see an RCM note, treat it as a “verify” signal.
What if I pick the wrong HSN?▾
Wrong classification can cause rate mismatch, notices, interest/penalty exposure, and reconciliation issues. Compare nearby headings and chapter notes before finalizing.
Sources & accuracy
General GST guidance, return filing references, and updates.
Rates, exemptions, and clarifications may change via notifications/circulars.
Use chapter notes/headings to avoid misclassification.
How we update pages + what “Last reviewed” means. Last reviewed: 22 Jan 2026.
Next steps after choosing HSN 9971
Use global search to compare descriptions and avoid wrong classification.
Check inclusions/exclusions and common confusions for Chapter 99.
Decide whether IGST or CGST+SGST applies based on POS rules.
Related tools & next actions
Common next actions: verify POS (tax type), check RCM risk, or compare similar HSN codes.