When must I report a transaction on my sales tax return? Can I delay reporting a sale made on credit until the sales proceeds are collected?
Transactions for the sale or purchase of tangible personal property or taxable services must be reported on the dealer’s sales tax return for the month or quarter in which the sale was made, the service rendered, or the purchased property was imported into the state for use, regardless of when the proceeds of sales are collected, or when payment to the seller is required. Revised Statute 47:306(A)(2)(a) provides, however, that the reporting on sales tax returns of the gross proceeds from rentals and leases can be deferred until the dealer’s sales tax return for the month or quarter in which payment is received. Revised Statute 47:303(F) provides a special rule for the remittance of the sales tax payments for memberships in health and physical fitness clubs.
Related Questions
- When must I report a transaction on my sales tax return? Can I delay reporting a sale made on credit until the sales proceeds are collected?
- Do they use a sales contract to spell out the terms of the sale and allow each party to define their expectations of the transaction?
- What is the method of payment and remittance/credit of sale proceeds in case of transfer of shares between resident and non-resident ?
