Hi there, it's Greg with StartingYourBusiness.com And today I want to talk about the differences between a seller's permit and a resale certificate. So while these terms are related, it's easy to confuse the two. And I'd like to take a couple of minutes to clarify the differences. First off, a seller's permit, which depending on the state may be referred to as a sales tax permit, sales tax license, or even a business tax number, is a state requirement for a business that is physically operating in a state that collects sales taxes, or if that business is selling a certain amount of merchandise to the residents of another state. It's important to note that some states also require a business to obtain a sales tax permit, even if they are physically operating there and not selling a taxable product or service. This is referred to as nexus and includes not only the primary state where the business operates, but when a business physically operates in another state, such as having an employee, inventory in a warehouse, office, etc. A sales tax permit is often required. Confusing, right? First one is pretty simple. If you operate a business in a state that collects sales tax and you sell a taxable product or offer a taxable service, you have to get a sales tax permit. So for example, let's say you have a clothing boutique in town and sell a shirt to a customer who walks in off the street. Customer pays not only for the shirt, but there is an additional percentage that has to be added to the sale for the sales taxes. The sales tax that was charged in most cases is kept by the business until the end of the month in most states. And then a report and the sales taxes are then sent to the state agency that is responsible for taxes, which is typically called the Department of...
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About Ct Resale Certificate
A CT Resale Certificate, also known as a Connecticut Resale Permit or a Connecticut Sales and Use Tax Resale Certificate, is a document issued to eligible businesses operating in the state of Connecticut. This certificate allows them to make purchases of tangible personal property for resale without paying sales tax. Businesses engaged in the retail or wholesale activities, who intend to resell the purchased products, are the ones who generally need a CT Resale Certificate. This includes retailers, resellers, wholesalers, and manufacturers. By obtaining the certificate, these businesses can provide it to their suppliers to prove that the purchased items will be resold, and thus they are not required to pay sales tax on those transactions. It is important to note that the CT Resale Certificate is not applicable for exempt sales like sales to exempt organizations or sales of exempt products. Additionally, businesses must meet certain criteria and comply with the requirements set by the Connecticut Department of Revenue Services to obtain and use this certificate.
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