LIC gets ₹290-cr GST notice from Bihar govt, to appeal against it

LIC of India has received a GST demand notice from the Bihar government worth over ₹290 crore. The demand notice includes GST worth ₹166.75 crore and interest worth ₹107.05 crore. The tax authority alleged that among other violations, LIC didn't reverse input tax credit availed on premium received from policy holders. LIC said it'll file an appeal against the notice.