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GST Maybe Imposed On Cryptocurrency et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 24, 2018 12:19 PM 2 min read
Editorial

End of Day Wrap-up (Thursday / May 24, 2018) #TataMotors #cars #Fortis #CrudeOil #ONGC #oil #petrol #diesel #tax #cryptocurrency #Bitcoin #Ripple #DeutscheBank #Transfin

Editor's comment: India records a cumulative power demand of 170,121 Mw, +8% yoy as temperatures soar. Lack of long-term power purchase agreements (PPAs) across state-lines could be a problem though most states are meeting peak demand through the short-term trading market.

 

Analysts cut Tata Motors target price post Q4 results where profits halved yoy due to drop in JLR performance. Share price down c. 20% at close of business.

 

Govt may levy windfall tax on oil producers like ONGC to compensate fuel retailers like IOC as part of solution to moderate rising retail prices of petrol and diesel. Windfall tax may be applicable to any revenues generated by producers when prices hit above $70 per barrel.

 

GST may be reportedly imposed on cryptocurrency trades. Proposal being considered by Central Board of Direct Taxes. Value of the transaction to be based on the value in rupees or equivalent in freely convertible foreign currency.   

 

Diminished Fortis Board to consider all offers submitted to date - binding and non-binding. Manipal-TPG extend the deadline of their offer to June 6 for board and July 20 for shareholders to accept.

 

German financial services major Deutsche Bank to cut 7,000 jobs as it overhauls part of its investment banking business. Bank to focus on its European operations and reduce its commitment to US and Asia.