Tax & Penalty16 Jul 2026, 04:03 pm
Navneet Education Receives GST Advisory on ITC Reversal
AI Summary
Navneet Education Ltd has received an advisory from the Office of the Assistant Commissioner of State Taxes, Punjab, regarding the verification of compliance with Section 17(2) of the CGST Act, 2017, concerning the reversal of Input Tax Credit (ITC) attributable to exempt supplies. The advisory requests the company to furnish reconciliation and invoice-wise ITC details and reverse any ineligible ITC. The company stated that there is no material impact on its financial or operational activities due to this advisory. The advisory was received via email on July 15, 2026.
Key Highlights
- Received advisory from State Taxes Department on GST compliance.
- Focus is on Input Tax Credit (ITC) reversal for exempt supplies.
- Company reports no material financial or operational impact.
- Advisory pertains to FY 2025-26 and FY 2026-27.
Price Impact
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