(1) A manufacturer who clears a final product or an intermediate product for export without payment of duty under bond or letter of undertaking, shall be allowed refund of CENVAT credit as determined by the following formula subject to procedure, safeguards, conditions and limitations, as may be specified by the Board by notification in the Official Gazette :
(a) “Refund amount” means the maximum refund that is admissible;
(b) “Net CENVAT credit” means total CENVAT credit availed on inputs by the manufacturer reduced by the amount reversed in terms of sub-rule (3) of rule 4, during the relevant period;
(c) “Export turnover of goods” means the value of final products and intermediate products cleared during the relevant period and exported without payment of Central Excise duty under bond or letter of undertaking;
(d) “Total turnover” means sum total of the value of -
(i) all excisable goods cleared during the relevant period including exempted goods, dutiable goods and excisable goods exported;
(ii) all inputs removed as such under sub-rule (1) of rule 4 against an invoice, during the period for which the claim is filed.
(2) No refund of credit shall be allowed if the manufacturer avails of drawback allowed under the Customs and Central Excise Duties and Service Tax Drawback Rules, 1995, or claims rebate of duty under the Central Excise Rules, 2002 or Central Excise Rules, 2017, as the case may be, in respect of such duty.
Explanation 1. - For the purposes of this rule,
(1) “export goods” means any goods which are to be taken out of India to a place outside India.
(2) “relevant period” means the period for which the claim is filed.