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of <h1>Manufacturers Exporting Under Bond Can Claim CENVAT Credit Refunds Using Specific Formula; Exclusions Apply for Certain Rebates.</h1> A manufacturer exporting final or intermediate products without paying duty under a bond or letter of undertaking is eligible for a refund of CENVAT credit. The refund is calculated using a formula: (Export turnover of goods / Total turnover) x Net CENVAT Credit. Terms are defined as follows: 'Refund amount' is the maximum refund allowed; 'Net CENVAT credit' is the total credit on inputs minus reversals; 'Export turnover of goods' is the value of exported products; 'Total turnover' includes all excisable goods cleared. Refunds are not granted if the manufacturer claims certain drawbacks or rebates under specified rules.
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