Amitabh Bachchan pays up after DGGI evasion notice on NFT sale

business-standard.com:

Actor Amitabh Bachchan has paid up GST of Rs 1.09 crore on sale of non-fungible tokens (NFTs) worth Rs 7.15 crore following a notice by the Directorate General of Goods and Services Tax Intelligence (DGGI), people aware of the matter said.

Though Bachchan has deposited the amount, investigations by tax authorities continue, they said. Bachchan had entered into an agreement with Rhiti Entertainment Pte. Ltd, Singapore, for conversion of his content into NFTs by way of an auction. These NFTs included recital of Madhushala, a famous collection of poems written by his father, posters, and images, sources said.

Bachchan could not be reached for a comment. The sale of NFT had fetched Rs 7.15 crore, and would attract 18 per cent IGST. The tax liability from the sale is Rs 1.09 crore, and has been deposited by the actor, people said.

NFTs are non-intercha­ngeable unit of data stored on a blockchain. The tax authorities have started cracking down on investors trading in cryptocurrencies and NFTs after the Finance Minister Nirmala Sitharaman proposed changes in Income Tax Act classifying NFTs as virtual digital assets.

Bachchan was one of the first actors to endorse NFTs.

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