Amitabh Bachchan, an Indian movies Superstar has paid Rs. 1.09 Crores (nearly 1,40,000 US Dollars) in tax, known as GST (Goods and Services Tax) to Indian tax authorities for selling an NFT.
Beyondlife.club had featured the NFTs of the superstar actor Amitabh Bachchan who is extremely popular actor in Indian Hindi movies world, also called Bollywood, a la Hollywood.
Beyondlife.club is an NFT marketplace where people can create, buy, and sell prized NFTs of high-end brands and celebrities worldwide. It is reported that the platform has paid around 1 crore ($136,000) in taxes after tax authorities sent a notice in this regard.
Amitabh Bachchan’s NFT collection was auctioned at the bidding site beyondlife.club. It is a digital collectible including the poem recital of famous poems from ‘Madhushala’ in Amitabh’s deep voice.
‘Madhushala’ is a series of poem written by his late father Harivansh Rai Bachchan, who was a famous poet. It alone attracted a valuation of $756000. The unique and enthralling audio NFT in of Madhushala has one version each in Hindi and English.
Besides the poem, NFTs of autographed physical vintage posters of blockbuster Hindi movie ‘Sholay’, physical posters of Sholay and other movies that were personally autographed by him were sold for $94,052. The winner of the bid got the possession of the video of Amitabh signing the poster along with the physical posters.
Along with his other works which are exclusively termed as BigB Punks and Pastel NFT Art which has Bachchan’s signature headgear, neck-gear, hairstyle, eyewear, facial hair, and a few more hand-drawn items.
The NFT collectibles went for sale from November 1 to November 4. The NFT gathered an enormous amount of 9,66,000 dollars (Rs 7.18 crore approx.) in total from his fans.
Amitabh Bachchan is a legendary and globally recognized superstar and an NFT featuring his work is definitely a thing of pride to own and cherish for his large fan club. The NFT will also have the potential of fetching a handsome deal in the future, given the rising interest in the Crypto assets.
Rhiti Entertainment and NFT exchange platform, GuardianLink.io entered into a partnership to form BeyondLife.club. Bachchan had partnered with Rhiti Entertainment for the sale of his NFTs.
The Hyderabad division of India’s Directorate General of Goods and Services Tax Intelligence (DGGI- it is responsible for identifying evasion of tax and collection) was investigating the platform and found the gaps.
According to a news report, Bachchan had received a notice from the DGGI regarding payment of dues.
Though Amitabh Bachchan has paid the tax due on the sale of non-fungible tokens (NFTs) worth around Rs. 7 crore ($1 million), yet DGGI is likely to continue its investigation into tax evasion, as per the above news-report.
Like many Hollywood celebrities, Indian movies stars, cricket players etc. have also reportedly taken part in auctioning of NFTs and have earned huge profits.
