The Bollywood superstar, Amitabh Bachchan has finally paid 2.61 crore PKR in GST for the sale of his non-fungible token (NFT) collection, which was auctioned for 17.16 crore PKR in the first week of November 2021.
Some of the netizens may remember that Bachchan had received a warning from the Directorate General of Goods and Services Tax Intelligence (DGGI) to pay the imposed GST.
Despite Bachchan’s deposit, the DGGI is expected to continue its probe into tax avoidance.
An NFT venture stated in August 2021 that Bachchan’s NFT collection would be available on its platform. Bachchan had signed an agreement with ‘Rhiti Entertainment’ to convert some of his pictures or illustrations into digital assets.
Interestingly, this also made Bachchan one of the first Indian actors to support digital art and NFTs.
Apart from the photos and posters, a famous collection of poems written by Bachchan’s father and recorded in his own voice, ‘Madhushala’ was the most successful auction.
The NFT auction had garnered 17.16 crore PKR and attracted 18 percent GST. Big B was bound to pay taxes worth 12.61 crore PKR from the sale, which has been now deposited by the actor.
For those who do not know much about NFTs, it is a type of digital asset that represents real-world or sometimes abstract elements. This can be art, photography, meme, music, game characters or any graphic one can think of. This data unit is kept on a blockchain, a digital ledger that makes it non-transferable and unique.