Veteran Indian actor Amitabh Bachchan gets caught up in the tax hassle involved with the sale of NFTs and ends up paying a massive amount in taxes.
The Directorate General of Goods and Services Tax Intelligence (DGGI), Hyderabad, served the actor with a notice while investigating the platform.
Amitabh Bachchan had partnered with Singapore based Rhiti Entertainment for conversion of his content into NFTs by an auction. The NFTs include recitals of Madhushala, a collection of poems by his father late Harivansh Rai Bachchan.
The collection titled BigB Punks also includes digitized versions of the actors’ most iconic characters and posters with signed moments.
The Rs 7.15 Crore NFTs sale on Beyondlife.club attracted 18 percent IGST, leading to a tax notice being sent to Big B’s house for a GST payment of Rs 1.09 Crore.
Even though the actor has paid the due amount, D. Purushottam of the DGGI confirmed that the investigation is still active.
The Indian entertainment industry has slowly but steadily started infiltrating the Web3 world. Recently, the famous Punjabi pop singer Daler Mehndi announced the purchase of virtual land, and named it Balle Balle Land on the Metaverse.
