In India bitcoin transactions may soon come under the perview of Goods and Services Tax (GST). As per estimates Bitcoin transactions in the country is estimated to be around Rs 40,000 crore per annum. As per a report in the Times of India, government is weighing a proposal to impose 18% GST on bitcoin transactions.
The COVID-19 lockdown has broken the back of the entire global economy. Be it small farmers or Korabari, everyone has suffered significant economic losses. The farmers who have sown the crop by taking loans, they are not even getting the cost of the crop.
Oil India Ltd said today it has suffered a production loss of 638 tonnes of crude oil and 0.46 million standard cubic metres per day of natural gas following a blowout and massive fire at a well in its Assam field.
Crude oil is under some pressure today as the OPEC+ meeting will not be held on June 4. According to Reuters, the meeting may still take place this week in case the countries which have not complied with their quotas agree to cut oil production according to the original deal.
Crude oil futures traded mostly lower today, after settling at a three-month high in the previous session, amid reports that a meeting of crude producers won’t happen on Thursday as had been expected, raising doubts about a willingness to substantially extend global production cuts that taper after the end of June.
On Friday crude oil came under pressure, the last trading day of month, but it’s still on pace to post its best month in history as an uptick in demand as well as record supply cuts have pushed prices higher.
Yields on emerging market sovereign local currency debt have plumbed new lows in may, signalling an easing of some stress for countries that were hit with a spike in borrowing costs in the aftermath of the COVID-19 pandemic.