The Punjab Municipal Fund Act, 2006
The Punjab-Municipal-Fund-Act-2006
The Punjab Municipal Fund Act of 2006 establishes a dedicated municipal fund financed by ten percent of state value-added tax collections. This law regulates how these funds are collected, managed, and distributed to compensate municipal governments and cantonment boards for revenue losses caused by the abolition of octroi. It applies directly to urban local bodies, specific cantonment authorities, and Punjab's state finance and taxation departments. This legislation matters because it secures a vital, guaranteed annual minimum revenue source of five hundred fifty crore rupees, ensuring that local governments can consistently sustain themselves and provide essential public services to their citizens.
- 0. Preamble
- 1. Short title and commencement
- 2. Definitions - In this Act, unless the context otherwise requires -
- 3. Constitution of the Fund
- 4. Object and administration of the Fund
- 5. Collection and deposit of tax
- 6. Distribution of amount of tax
- 7. Maintenance of accounts
- 8. Audit - The amount of Fund shall be audited by the Comptroller and Audi- tor
- 9. Submission of annual report
- 10. Grant
- 11. Power to make rules - (1) The State Government may, by notification in the
- 12. Protection actions taken in god faith
- 13. Power to remove difficulties
- 14. Repeal and saving
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