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St 120 Form

St 120 Form

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What is the St 120 Form

The St 120 form, also known as the New York State Resale Certificate, is a crucial document used by businesses in New York to purchase goods without paying sales tax. This form is typically utilized by retailers and wholesalers who intend to resell the purchased items. By submitting the St 120 form to suppliers, businesses can affirm that the items will not be used for personal consumption but rather for resale, thus exempting them from sales tax at the point of purchase.

How to Use the St 120 Form

Using the St 120 form involves several straightforward steps. First, the buyer must complete the form with accurate details, including the seller's name, address, and the type of goods being purchased. Once filled out, the buyer presents the form to the seller at the time of purchase. It is essential for the seller to retain this form for their records, as it serves as proof that the sale was exempt from sales tax due to resale intentions.

Steps to Complete the St 120 Form

Completing the St 120 form requires careful attention to detail. Here are the steps to follow:

  • Provide your business name and address at the top of the form.
  • Include the seller's name and address.
  • Specify the type of goods being purchased.
  • Sign and date the form to certify the information is accurate.

Once completed, present the form to the seller to finalize the transaction without incurring sales tax.

Legal Use of the St 120 Form

The St 120 form is legally binding when used correctly. It must be filled out accurately to avoid any potential legal issues. Misuse of the form, such as using it for personal purchases, can lead to penalties. The form is governed by New York State tax laws, which require that it be used solely for qualifying purchases intended for resale. Businesses should maintain copies of the form for their records to ensure compliance with tax regulations.

Examples of Using the St 120 Form

There are various scenarios in which the St 120 form can be utilized. For instance, a retail store purchasing clothing from a wholesaler would complete the St 120 form to avoid paying sales tax on the items intended for resale. Similarly, a restaurant purchasing bulk food supplies from a distributor can use the form to exempt these purchases from sales tax, provided the food will be sold to customers. Each example underscores the importance of the St 120 form in facilitating tax-exempt transactions for businesses.

Form Submission Methods

The St 120 form can be submitted in several ways, depending on the seller's preferences. Typically, it is presented in person at the point of sale. However, some sellers may accept the form via email or fax. It is crucial to check with the seller regarding their preferred submission method to ensure compliance and proper record-keeping.

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