New Delhi, Sep 22 (PTI) Life Insurance Corporation (LIC) on Friday said it would file an appeal against the tax notice of Rs 290 crore by the Goods and Services Tax (GST) authority of Patna.

The Bihar-Additional Commissioner State Tax (Appeal), Central Division, Patna, has raised a demand of GST, interest and penalty on September 21, LIC said in a regulatory filing.

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LIC would file an appeal before the GST Appellate Tribunal against the said order within prescribed timelines, it said.

The tax authority has alleged that among other violations, LIC did not reverse the Input Tax Credit (ITC) availed on the premium received by the corporation from policy holders.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)