Is the seller allowed a discount for timely filing and paying tax?
Yes. A discount is allowed if the tax is paid before the 20th day of the month in which the tax is due. The sales tax discount consists of 5% on the first $100 of tax due, and 2% of all over $100. Please note, however, that the monthly discount may not exceed $400.00. No discount is allowed for Consumer Use Tax and Sellers Use Tax.
Related Questions
- Does the Form CT-75 provide for a dealers discount, similar to the discount allowed for timely filing and payment of the retail sales and use tax?
- Is the seller allowed a discount for timely filing and paying the sales tax that is due?
- Is the seller allowed a discount for timely filing and paying tax?
