South Carolina Code of Regulations
Chapter 117 - DEPARTMENT OF REVENUE
Article 11 - SALES AND USE TAX REGULATIONS
Section 117-318.2 - Carrying and Finance Charges
Universal Citation: SC Code Regs 117-318.2
Current through Register Vol. 48, No. 3, March 22, 2024
When the seller has an established price for the goods he sells, that price is the amount to be included in gross proceeds of sales even though the established price may include an amount to cover a carrying charge. Where they seller has an established cash price and when selling on an extended payment basis, adds a separate charge for financing, the additional charge is not to be included in gross proceeds of sales.
In no event may finance or carrying charges be deducted from gross proceeds of sales when not shown as a separate item in the seller's billing to his customer.
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