Circular No. 456/22/99-CX Representation have been received from the trade regarding difficulties faced in availing of benefit of exemption applicable of goods manufactured at the site of construction for use in construction work at such site vide Notification No. 5/98-CE dated 2.6.98 (S.No.182). It has been stated that the beams / girders or other fabrication work are not presently manufactured at the site due to traffic problems it could cause (especially in case of flyovers at busy road junctions).
The Accounting Standards Committee constituted by SEBI under the Chairmanship of Shri Y. H. Malegam has recommended that the Compliance Officer to be appointed in compliance with the aforesaid circular shall be the Company Secretary of the company.
The issues raised in these representations have become all the more significant in view of the requirement for greenfield software closely held companies to raise money from the public.
