Monthly gross receipts6/20/2023 ![]() 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. Sales outside of the State of New Mexico in interstate commerce are the second category.We recommend you send copies of your NTTC's to Taxation Department. Your department should accept NTTC's from institutional purchasers. Sales to New Mexico organizations who provide an appropriate non-taxable transaction certificate (NTTC) are the first category.Two types of sales must be reported on the governmental gross receipts tax return but are deductible from taxable receipts and are not subject to the tax: ![]() Please contact Taxation with any questions. In general, sales of copies are subject to Governmental Gross Receipts tax. Governmental gross receipts includes receipts from the sale of tangible personal property handled on consignment when sold from facilities open to the general public but excludes cash discounts taken and allowed, governmental gross receipts tax payable on transactions reportable for the period and any type of time-price differential.Īs used above, facilities open to the general public does not include point of sale registers or electronic devices at a bookstore owned or operated by a public post-secondary educational institution when the registers or devices are utilized in the sale of textbooks or other materials required for courses at the institution to a student enrolled at the institution who displays a valid student identification card.
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