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of <h1>Clarification on refund of unutilized ITC of compensation cess for inputs; eligibility under Customs Drawback Rules, 2017 explained.</h1> The document addresses the refund of unutilized input tax credit (ITC) of compensation cess on inputs when the final product is not subject to compensation cess. It clarifies that the refundable amount of compensation cess must be calculated separately and debited from the electronic credit ledger. Suppliers availing of drawbacks under Customs and Central Excise Duties Drawback Rules, 2017, are eligible for refunds of unutilized ITC. The document further explains that input tax credit of compensation cess can be availed for zero-rated supplies, and clarifies various scenarios regarding the eligibility and calculation of such refunds, including issues related to exports under Bond/Letter of Undertaking.
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