It depends on where you are
Majority of the world: Used to describe someone who is a bum and is just living their life without doing anything like education , jobs etc
For the Indian subcontinent: It refers to an exam where Physics , Chemistry and Biology is tested, NEET is held for admission to MBBS and BDS courses in India. So basically its a mandatory test you have to take to get into any medical field in India
Person1: He is such a NEET dont talk to him
or
Person1: I am gonna attempt to clear NEET this year and get into *insert medical college name*