1/27/2024 0 Comments Gross sales receipts![]() ![]() A reduction in the price paid by a customer, due to minor product defects. Net sales are defined as gross sales minus the following three deductions: 80% (.0080) of taxable receipts is assessed each department.Gross sales are the grand total of all sale transactions reported in a period, without any deductions included within the figure. Each department’s allocable share of tax is charged to the department. Governmental gross receipts tax is computed and remitted to the New Mexico Taxation and Revenue Department on a monthly basis following the month of receipt. Each UNM department has the option of separately recording the tax collected in the University’s accounting records. The State of New Mexico does not require that you separately state the tax. The charge to customers may either include the tax or the tax may be added to the list price. Governmental gross receipts tax is assessed at 5% of gross revenue (i.e., what you charge for the book, video or ticket). However, the New Mexico Taxation and Revenue Department can assess tax back from 6 - 10 years under conditions of under-reporting by at least 25%, non-filed reports, and/or tax fraud. ![]() UNM Departments are required to maintain records of their receipts for at least 3 years after the end of the year in which the tax was due. ![]() Please note: if a sale is subject to GGRT, then so is the related "Shipping & Handling." If a seller has reason to know that usage by a buyer is not covered by the non-taxable transaction certificate, then the seller cannot rely on the certificate to exempt sale(s). In essence, the statute says that sellers have a duty to monitor transactions. New Mexico statutes have a provision regarding "good faith" acceptance of non-taxable transaction certificates.
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