Indian Superstar Amitabh Bachchan Pays Up After Tax Authorities' Action on Platform Hosting His NFTs

Indian acting superstar Amitabh Bachchan, whose non-fungible tokens are featured at BeyondLife.club, an NFT marketplace, has paid around 1 crore (US$136,000) in taxes after authorities sent a notice, according to people familiar with the matter.

• The Hyderabad division of India’s Directorate General of Goods and Services Tax Intelligence (DGGI) was investigating the platform and found discrepancies.
• After a follow-up notice was sent, Bachchan paid the tax due on the sale of non-fungible tokens worth around Rs 7 crore ($1 million).
• BeyondLife.club is a partnership between Rhiti Entertainment and no-code NFT exchange platform, GuardianLink.io. Bachchan had partnered with Rhiti Entertainment for the sale of his NFTs.
• The NFTs include the megastar's recital of poems from "Madhushala," the renowned collection of poems by his father Harivansh Rai Bachchan, punks titled Big B, which is his nickname, digitized vintage posters of his appearances in Indian films and posters with signed moments.
• D. Purushottam of the Hyderabad division of the DGGI confirmed that the tax investigation is active.
• Bachchan or the people associated with Rhiti Entertainment did not provide a comment.
• The Directorate General of Goods and Services Tax Intelligence is responsible for identifying evasion of tax and collection.

Read more: India Crypto Tax Guide 2022