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RECORDS, RETURNS AND BONDS UNDER CENTRAL EXCISE  INTRODUCTION Excise records include all the records prepared or maintained by the assessee for recording and reporting of transactions with regard to receipt, purchase, manufacture, storage, sale or delivery of the goods including inputs and capital goods. All accounts, agreements, invoices, price-lists, returns, statement or any other source document, whether in writing or even in electronic form is treated as Records. CLASSIFICATION Excise records can be classified into two categories– (1) Mandatory records– Maintaining mandatory records are essential and compulsory under Excise Act failure to do so invites action. (2) Discretionary– These are to be followed generally. Tribunals may take lenient view in case of lapse in following discretionary procedure. Whether a particular procedure is mandatory or discretionary- there can not be any fast and hard rule. It is upto tribunal to decide the category.  The records under Excise duty are broadly divided into two categories— Statutory records– Prior to 1.4.2000, Central Excise Rules 1944 had prescribed a number of statutory records to be maintained and submitted by assessee. Private records– While framing Central Excise Rules 2002, Cenvat Credit Rules, 2004 and other rules issued recently, the government has continued with the policy of relying more and more on private records of assessee. The record maintainance for purchasing finished goods can be understood in a systematic way after studying basic excise procedures. The private records relevant for Central Excise including the Daily Stock Account maintained in compliance with the provisions of said Rules shall necessarily be kept in the factory to which they pertain. BASIC EXCISE PROCEDURE A brief outline of Basic Procedures under Central Excise Rules 2002. every assessee has to follow certain basic procedures which are as follow-- Rule 8. It pres