Refund of unutilized compensation cess credit permitted for zero rated supplies, subject to separate computation and usage limits. Registered persons making zero rated supplies under bond or LUT may claim refund of unutilized input tax credit of compensation cess paid on inputs even if the exported product is not subject to cess. Refundable compensation cess must be computed separately and debited from the compensation cess ledger; cess credit cannot be used to pay integrated tax on outward supplies. Past period refunds must be recomputed as if cess credit was available in those months, admissible only for supplies under bond/LUT. ITC reversed and treated as cost is not refundable unless re availed and the cost entry reversed.