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of <h1>Gujarat Tax Circular: Holding Company Shares in Subsidiary Not a 'Supply of Service' Under GST Act 2017.</h1> The circular issued by the Chief Commissioner of State Tax, Gujarat, clarifies that the holding of shares in a subsidiary company by a holding company is not considered a 'supply of service' under the Gujarat Goods and Services Tax Act, 2017. As securities, including shares, are neither goods nor services, such transactions do not attract GST. The classification of services mentioning holding companies does not apply unless there is a defined supply of services under the Act. Therefore, the mere holding of shares by a holding company in its subsidiary is not taxable under GST.
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