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Finance

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

The platform, BeyondLife.club, was sent a notice by an Indian tax agency.

By Amitoj Singh
AccessTimeIconMar 23, 2022 at 6:34 a.m. UTC
Updated May 11, 2023 at 4:12 p.m. UTC
Amitabh Bachchan (Prodip Guha/Getty Images)
Amitabh Bachchan (Prodip Guha/Getty Images)

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.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Amitoj Singh
    Amitoj Singh

    Amitoj Singh is a CoinDesk reporter.

    Follow @amitoj on Twitter