GST Council May Slap GST On Crypto Services; Terra (Luna) Destroys Investors’ Wealth – Outlook India

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GST Council May Slap GST On Crypto Services; Terra (Luna) Destroys Investors’ Wealth – Outlook India

According to various media reports, in the upcoming GST Council meeting crypto services, may be subject to 28 per cent GST. Meanwhile, Terra (LUNA) recorded a massive fall of 51 per cent, while Shiba Inu was up 9 per cent.
‘The translator is the traitor’, they say in Italian. Such was the distrust and paranoia in Europe for translations that scholars were executed for translating the holy word. Five centuries later, an Indian author won a major literary award in the UK and shared it with her American translator, making it an apt occasion to discuss the status of translation in world literature.
‘Like some people are driven to write, some people are driven to translate out of an urge to share something of literary value,’ says V Ramaswamy who began translating accidentally in 2005.
Literary translations are portals that open up new sights, sounds, flavours and worlds for the reader to explore and embrace the Other. But can an international prize breathe new life in a publishing world gasping for commercial success?
The International Booker Prize for Geetanjali Shree’s Ret Samadhi put the spotlight on literature and translations, but for publishers, they often fail to even provide the necessary breathing space to stay afloat. For a majority of publishing houses, both indie and big, translation work has to be subsidised.
A Bitter-Sweet Experience in the World of Literary Translations: In the global Anglophone market, only the novel and big non-fiction travel. Our best poetry languishes. Let us return to poetry.
Updated: 11 May 2022 10:20 am
According to various media reports, the central government may impose a 28 per cent goods and services tax (GST) on cryptocurrency transactions if the proposal goes through in their next GST Council meeting.
Amid the global crash in cryptocurrency prices, Terra (LUNA) took the worst hit, losing 51 per cent. The global crypto market, meanwhile, recovered slightly. Catch cryptocurrency prices and other news updates on cryptocurrencies here:
The global crypto market cap increased by 0.31 per cent to $1.43 trillion at 8.50 am. However, the global crypto volume was down by 14.64 per cent to $156.47 billion, as per Coinmarketcap data. 
1/ Over the past several days, market volatility across crypto assets has been significant.

The market turmoil is also reflected by the past week's uncertain macro conditions across legacy asset classes.
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $31,326.37, up by 0.78 per cent in the last 24 hours. Ethereum (ETH) was also trading higher by 1.83 per cent at $2,366.90.
Among other major coins, Cardano (ADA) was down by 0.8 per cent at $0.6276, Algorand (ALGO) was trading with a loss of 3.66 per cent at $0.5825, Binance Coin (BNB) was up by 3.29 per cent at $320.32, Solana (SOL) was trading with a gain of 3.89 per cent at $67.63, and Polkadot (DOT) was gained 3.28 per cent at $11.40.
Today’s top gainer was SafeFloki (SFK), which was up by 569.75 per cent at $0.0000000001245. The top loser was NeorderDAO (N3DR), which was down by 98.79 per cent at $0.0005162.
#OutlookCrypto | #Crypto market cap in the early morning increased by 0.31% to $1.43 trillion.

More on #MemeCoin & #DeFi prices along with your daily #cryptoupdate here@CoinMarketCap#cryptocurrency#cryptotrading#CryptoNews
Dogecoin (DOGE) was up by 1.45 per cent at $0.1103. Its volume to market cap ratio stands at 0.1015. Rival Shiba Inu (SHIB) was also up by 9.47 per cent at $0.00001634.
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Dogelon Mars (ELON) gained 3.46 per cent to trade at $0.0000006907 and Floki Inu (FLOKI) was up 1.45 per cent at $0.00001113. Samoyed Coin (SAMO) was, however, down by 4.27 cent at $0.009688. 
In the DeFi segment, YFI ( was up by 4.04 per cent at $13,860.57. Terra (LUNA) crashed by a massive 51.55 per cent at $14.73. Avalanche (AVAX) gained 3.13 per cent at $44.67, Uniswap (UNI) was up by 0.46 per cent to trade at $6.17, and Aave (AAVE) was up by 2.53 per cent to trade at $107.43.
Various cryptocurrency ancillary services like crypto mining, blockchain verification and others which could be now taxed under GST. If the proposal goes through, then profits on cryptocurrencies will attract capital gains tax, tax deducted at source (TDS) will be applicable at the time of buying cryptos and GST will be charged on crypto services. The date of the next GST meeting is yet to be finalised, reported Economic Times.
Meanwhile, SBI Motor Japan, a subsidiary of SBI Africa Co Ltd, will start accepting Bitcoin (BTC) and Ripple (XRP) crypto payments on its e-commerce used car website.
Click here to read more about how Mitsubishi UFJ Bank has partnered with Japan’s SBI Group and Daiwa Securities for instant settlement of securities transactions.
SBI Motor Japan deals in used cars and has its key export areas in Tanzania, Zambia, Kenya, the Bahamas, the Cayman Islands, the Caribbean, and Ireland. With this additional payment mechanism using crypto, they aim to simplify cross border payments. “In anticipation of the growing demand for remittances using crypto assets, we plan to increase the number of currencies that can be used for settlement in the future,” said SBI Motor Japan in a statement, reported Forbes India.
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