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of Supply of Services - activity of holding of shares of subsidiary company by holding company - During the proceedings, the Central and State Governments issued clarifications stating that merely holding shares in a subsidiary company by a holding company should not be treated as a 'supply of service' under GST. Based on these clarifications, the petitioner's counsel submitted that the activity of holding shares in a subsidiary by a holding company cannot be construed as 'supply of service' as per GST law. - Accordingly, the High court held that the impugned order was illegal and arbitrary, as it wrongly classified holding shares in a subsidiary as 'supply of service'.
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