We are a 100% EOU Unit. We gave a contract to one party. He is submitting Running bills for the work completion. Based on this Running bill, we are making entries in the financial books. On the other hand, to transfer the required material for the contract, he transfered material from Pune by raising invoice on our company name. In the invoice, Excise duty he has put. Based on the invoice, our Excise incharge has taken credit in RG23. But in the case of financial books, we can not account this invoice since we are accounting only the Running bills received from the party. Please clarify can we take input credit on the invoice received in Excise Register. In this case, there will be difference between the Excise Register and Financial books.
Thanks
Muthuraman
CAclubindia
