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Does a vendor get credit to collect sales tax?

 
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Category : > Article Directory of Sales Tax Registration
Posted On : Mon Feb 07th,2011

 
A vendor requests for a credit to the department of revenue, which is either paid to the other state's vendor and sales tax collected on behalf of a government body.
 

What is sales tax credit?

There are different types of sales tax credits which are applied and described again sales tax below.

Overpaid sales tax credit:

A vendor sends a request to the department of revenue/division of taxation and finance to refund the overpaid sales tax to the department which was paid by an error.

Some states allow a credit for sales tax collection from the customer as a favor such as a New York vendors calculate sales tax credit while filing a sales tax return.

How to get sales tax credit?

An amended return is filed with the supporting to claim overpaid sales tax.

How do sales tax credit impact on sales tax liability?

  • It is reported an other income on a business tax return.

  • A sales tax credit reduces sales tax liability.

  

Nashib Umer

Nashib Umer


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