GST Council asserts mere holding of shares in subsidiaries exempt from tax

The GST Council has laid to the rest the thorny issue of taxing shares held by holding companies in their subsidiaries. The Council, at its meeting on Tuesday, clarified that mere holding of these shares cannot be taxed under the goods and services tax (GST) as these are not supply of services.   "This much-needed clarification will arrest wasteful litigation for thousands of conglomerat…