Section 5 in The Cost Accounting Records (Petroleum Industry) Rules, 2002
(5)Where any credit under Central Value Added Tax (CENVAT) under the Central Excise Act, 1944 (1 of 1944) or any other benefit such as duty drawbacks or any other similar items of credit, received or receivables in any item of material and/or consumables stores or spares, the cost of such material and or consumable stores or spares should be shown after adjusting such credit or benefits.
