Amitabh paid 1 crore GST, earned Rs 7.15 crore from NFT auction

Amitabh paid 1 crore GST, earned Rs 7.15 crore from NFT auction

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New Delhi: After receiving a notice from the Goods and Services Tax (GST) department, Bollywood megastar Amitabh Bachchan has deposited GST of Rs 1.09 crore. He had sold Non-Fungible Tokens (NFTs) worth Rs 7.15 crore through auction in November last year. He did not fill GST on this. After this, the Directorate General of Goods and Services Tax Intelligence (DGGI) sent him a notice.

did not pay tax
Even after filling the GST, their troubles are not going to end yet. Sources say that DGGI may continue the investigation of this case of tax evasion. Madhushala Ka Paath was the most successful in the NFT auction. Madhushala is a collection of poems written by his father Harivansh Rai Bachchan which he recorded in his own voice.

Apart from this, posters and photos were included in the auction. Through the auction, he got Rs 7.15 crore, on which 18 percent GST is made. Due to non-payment of GST at that time, a notice was sent to him, which he has now submitted.

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what happens NFT
NFTs are digital assets that represent real-world objects such as paintings, photos, music, videos and other objects. This unit of data is stored on a digital ledger called a blockchain, which makes it unique and immutable. In August last year, BeyondLife.club announced that it would introduce Amitabh Bachchan’s NFT collection on its platform. BeyondLife.club is a Singapore-based joint venture between Rhiti Entertainment Pte. Ltd and GuardianLink.io. Amitabh Bachchan had tied up with Rhiti Entertainment to convert his content into digital assets.

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Celebrities are earning a lot from NFT
Many Bollywood actors and celebrities like Salman Khan, Manish Malhotra, cricketers like Zaheer Khan and Rishabh Pant have earned a lot by auctioning items on the NFT platform.

Tags: Amitabh bachchan, Goods and services tax, Goods and services tax (GST) on sales, Tax Evasion

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