RCM Notification 13/2017 Central Tax ( Rate) status of Limited Liability Partnership

[hubert fernandes]

What is the status of Limited Liability Partnership Firm for the purpose of RCM Notification 13/2017 Central Tax ( Rate),whether Limited Liability Partnership Firm is a 'Body Corporate' or a Partnership Firm ? Refer to Point (b) in explanation where its states “Body Corporate” has the same meaning as assigned to it in clause (11) of section 2 of the Companies Act, 2013 (which is a inclusive definition) and point (e) A “Limited Liability Partnership” formed and registered under the provisions of the Limited Liability Partnership Act, 2008 (6 of 2009) shall also be considered as a partnership firm or a firm.

AI Summary

Debate on LLP Classification Under GST: Are LLPs 'Body Corporate' or 'Partnership Firms' per RCM Notification 13/2017? The discussion focuses on the classification of Limited Liability Partnerships (LLPs) under the Goods and Services Tax (GST) regime, specifically regarding RCM Notification 13/2017. Participants debate whether LLPs should be considered as 'body corporate' or 'partnership firms.' The notification references the Companies Act, 2013, and the Limited Liability Partnership Act, 2008. Some argue that LLPs are 'body corporate' under the Companies Act, while others point to the notification's explanation that LLPs are also considered partnership firms. The discussion includes references to case law and amendments, highlighting the ambiguity and need for clarity in interpretation.