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of <h1>Rajasthan clarifies: Shares held by holding companies in subsidiaries are not taxable under RGST Act, Section 7.</h1> The Government of Rajasthan's Commercial Taxes Department issued a circular clarifying the taxability of shares held by a holding company in its subsidiary. It states that such shares are considered securities, which are neither goods nor services under the Rajasthan Goods and Services Tax Act, 2017. Consequently, the holding of shares by a holding company in a subsidiary does not constitute a supply of services and is not subject to GST. The circular emphasizes that for an activity to be taxed as a service, it must meet the supply criteria outlined in section 7 of the RGST Act.
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