Cenvat credit refund formula apportions net credit to exports, subject to defined turnover concepts and drawback prohibition.

Refund of CENVAT credit for manufacturers exporting goods under bond or letter of undertaking is determined by: Refund amount = export turnover of goods divided by total turnover multiplied by Net CENVAT Credit; where Net CENVAT Credit equals total CENVAT credit on inputs reduced by amounts reversed during the relevant period. Export turnover and total turnover are defined to include exported final and intermediate products and the aggregate value of all excisable goods cleared and inputs removed as such. No refund if drawback or rebate for the same duty is claimed.

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