Amitabh Bachchan, the beloved Bollywood film star, just got slapped with a $131k Integrated Goods and Services Tax. This comes after his successful NFT sale, receiving a total of $917k in revenue. The Directorate General of Goods and Services Tax Intelligence recently served Bachchan with the notice, which he quickly settled. Nevertheless, further investigation regarding the tax bill is currently ongoing.
The Integrated Goods and Services Tax is a standard 18% on inter-State supply of goods or services. Apparently, the sale of NFTs falls under this category, according to the government agency.
Amitabh is known for his illustrious career in Hindi cinema. Previously, the 79-year-old star has been an actor, producer, TV host, singer, and also a politician. He was basically THE MAN, dominating the Indian film industry during the 1970s, bagging awards left and right. He now represents one of the larger NFT players in the nation.
Amitabh’s BigB Punks NFT collection consists of 1,672 hand-drawn and randomly generated NFTs. The collection is on the Polygon Network, featuring the great Bollywood Star. The NFTs have different attributes, including style, attire, accessories, backgrounds and more. In essence, the collection features the star in some of his most iconic moments.
Besides that, the Bollywood star has other NFT collections as well, including Madhushala. This collection features audios of poetry penned by Amitabh’s father. Amitabh recites the poems himself, preserving the essence and authenticity of the emotions. There are only two 1-of-1 NFTs in this collection, both sold for around $700,000 collectively.
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