Seller’s Permit and Licensing Requirements in New Mexico
Even small New Mexico businesses need a Seller’s Permit if selling retail or wholesale. Licensing requires getting a wholesale license, which is the same as a seller’s permit. You need a seller’s permit if selling goods or services in New Mexico and collecting sales tax. The seller’s permit can also be called a sales tax license. States require permits so businesses collect and remit sales taxes. To apply, register with New Mexico’s Taxation and Revenue Department.
Resale Certificate and Gross Receipts Tax in New Mexico
Most operating in New Mexico need a resale certificate annually. Even online businesses shipping to residents must collect sales tax, so the certificate allows this. The only state-level permit is the seller’s permit, also called the gross receipts tax registration. You must register if selling taxable goods or services. The gross receipts tax differs from a sales tax. Sales tax is added to the selling price, while the gross receipts tax is on the transaction itself.
Online Registration Process for Seller’s Permit in New Mexico
You can register online for a seller’s permit by providing business information like name, address, EIN, projected sales, products sold, etc.