Refund of unutilised input tax credit: ITC apportioned by turnover ratio for zero rated supplies under bond or LUT. Refund of unutilised input tax credit for zero rated supplies without payment under bond or LUT is computed by: Refund Amount = (Turnover of zero rated supply of goods + Turnover of zero rated supply of services) x Net ITC / Adjusted Total Turnover. Net ITC excludes ITC for which refund is separately claimed and excludes ITC on deemed export supplies refunded to recipients. Turnover of zero rated goods is capped at 1.5 times the value of like domestic goods as declared by the supplier. Adjusted Total Turnover aggregates taxable turnover and zero rated services while excluding specified exempt and separately claimed supplies.