Registration and Permit Procedure
To apply for a seller’s permit in New Mexico, register with New Mexico’s Taxation and Revenue Department. You can register online by providing details such as name, address, and projected sales figures. It usually takes about 7-10 days to receive your permit after you’ve submitted your application.
Most businesses operating in New Mexico need to renew their resale certificate annually. This includes even small businesses that sell retail or wholesale, as well as online businesses that ship to New Mexico residents.
Permit and Certificate Differences
The seller’s permit is mandatory for selling taxable goods or services and allows you to collect and remit sales tax. On the other hand, a resale certificate is for businesses that purchase items tax-free for the purpose of reselling those items. It’s important to note that the gross receipts tax in New Mexico is different from the sales tax; the former applies to the transaction itself rather than being added to the selling price.
It is crucial for businesses to comply with these requirements, as failure to collect and remit sales taxes can lead to penalties, fines, and back taxes.
Additional Queries
How do I get a seller’s permit in Massachusetts?
This question seems to be outside the scope of the information provided, as the text focuses on New Mexico businesses and the process for obtaining a seller’s permit there.