Representative Amitabh Bachchan paid a Rs 1.09 crore GST on the sale of Non-Foldable Tokens (NFTs) worth Rs 7.15 crore after a notice from the Directorate General of Goods and Services Tax Intelligence (DGGI), the people aware said.
Although Bachchan has deposited the amount, investigations by tax authorities are continuing, they said. Bachchan has entered into an agreement with Rhiti Entertainment Pte. Ltd, Singapore, to convert its content to NFTs by auction. Sources said the comics included a recitation of Madhushala, a famous collection of poems written by his father, posters and pictures.
Bachchan could not be reached for comment. The sale of NFT generated Rs 7.15 crore, and would attract 18 per cent of IGST. People said the tax liability from the sale is Rs 1.09 crore and the representative deposited it.
NFTs are a unit of data stored on the blockchain that is not interchangeable. Tax authorities have started cracking down on investors trading in cryptocurrencies and NFTs after Finance Minister Nirmala Sitharaman proposed changes to the income tax law classifying NFTs as virtual digital assets.
Bachchan was one of the first actors to endorse the NFTs.
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