Clarification on taxability of shares held in a subsidiary company by the holding company

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....Additional Commissioner Grade -2 (S.I.B.) Joint Commissioner (Executive/Corporate Circle/S.I.B) State Tax, Uttar Pradesh. Subject: Clarification on taxability of shares held in a subsidiary company by the holding company. Representations have been received from the trade and field formations seeking clarification on certain issues whether the holding of shares in a subsidiary company b....

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....Securities are considered neither goods nor services in terms of definition of goods under clause (52) of section 2 of UPGST Act and the definition of services under clause (102) of the said section. Further, securities include 'shares' as per definition of securities under clause (h) of section 2 of Securities Contracts (Regulation) Act, 1956. This implies that the securities held by t....