Actor has paid up 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.

mail Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Source link

Avatar of admin

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *