https://www.taxtmi.com/news?id=20986 Punjab's municipal framework rests on the Punjab Municipal Act, 1911 and the Punjab Municipal Corporation Act, 1976, with all functions of the Twelfth Schedule reported as devolved and the state applying the 5th State Finance Commission's recommendation on sharing state tax revenue with local bodies. Municipal finance shows rising reliance on own tax revenue and stagnant non tax receipts. Critical governance weaknesses include multi year arrears in accounts, absence of consolidation procedures, non implementation of the National Municipal Accounting Manual, lack of statutory auditor certification, and limited eligibility of ULBs for performance grants. en-us Tue, 29 Jan 2019 18:42:50 +0530 Tue, 29 Jan 2019 18:42:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=20986 Punjab's municipal framework rests on the Punjab Municipal Act, 1911 and the Punjab Municipal Corporation Act, 1976, with all functions of the Twelfth Schedule reported as devolved and the state applying the 5th State Finance Commission's recommendation on sharing state tax revenue with local bodies. Municipal finance shows rising reliance on own tax revenue and stagnant non tax receipts. Critical governance weaknesses include multi year arrears in accounts, absence of consolidation procedures, non implementation of the National Municipal Accounting Manual, lack of statutory auditor certification, and limited eligibility of ULBs for performance grants. News - Tue, 29 Jan 2019 18:42:50 +0530 https://www.taxtmi.com/news?id=20986