Navneet Education Limited has received an advisory from the Office of the Assistant Commissioner of State Taxes, State Intelligence and Preventive Unit, Patiala at Shambhu, Punjab, regarding the verification of compliance with Input Tax Credit (ITC) reversal norms. The advisory, received on July 15, 2026, specifically pertains to Section 17(2) of the Central Goods and Services Tax Act, 2017 read with Rules 42 and 43 of the CGST Rules, 2017. This regulation concerns the reversal of ITC attributable to exempt supplies, a matter that could affect the company's tax liabilities if non-compliance is found.

The authority observed that navneet education made both exempt and taxable supplies during FY 2025-26 and FY 2026-27 (up to May 2026). Consequently, the company has been directed to furnish the prescribed reconciliation and invoice-wise ITC details. Additionally, it has been advised to reverse any ineligible ITC in accordance with the provisions of the GST law. The communication was received via email on July 15, 2026, at 9:21 p.m.

Details of the Advisory

The advisory focuses on ensuring that the ITC claimed by the company does not include credits related to exempt supplies, which must be reversed.

Company Response and Impact

Navneet Education stated that there is no material impact on its financials, operations, or other activities as a result of this GST advisory. The company clarified that the communication is in the nature of an advisory seeking verification and compliance. It affirmed that it is in the process of furnishing the requisite information and reconciliation to the authorities. The disclosure was submitted by Amit D. Buch, Company Secretary, on July 16, 2026.

Navneet Education Limited's promoters and promoter group have confirmed that no shares were encumbered, directly or indirectly, during the financial year ended March 31, 2026. This declaration ensures that the shareholding structure remains free from liens or charges, providing stability to the company's equity base. The disclosure was submitted to the National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd in compliance with regulatory requirements.

The confirmation was made pursuant to Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Gnanesh Dungarshi Gala, a promoter, signed the disclosure on behalf of the promoters, promoter group, and persons acting in concert. The filing was addressed to the Corporate Relationship Department of the exchanges and the Audit Committee of navneet education .

The declaration covers a comprehensive list of 46 individuals and one body corporate classified as promoters or part of the promoter group. The list includes key individuals such as Bipin Amarchand Gala, Kalpesh H Gala, and Gnanesh Dungarshi Gala, among others. The sole body corporate listed is Shaan Realtors Private Ltd, which falls under the promoter group category.

Promoter Details