(a) On or before the last day of September, 1992, and on or before the last day of each month thereafter, each retailer required by this article to collect the tax authorized by this article shall make a return to the village treasurer for the preceding month, stating the following information:
(1) Name;
(2) Principal place of business;
(3) Gross charges during the month upon which the tax is imposed;
(4) Amount of tax collected from each taxpayer stated as a distinct item separate and apart from the gross charge for telecommunications; and
(5) Such other reasonable and related information as the corporate authorities may require.
(b) The retailer shall, at the time of making such return, pay to the village treasurer, the amount of tax imposed by this article; provided, that in connection with any return, the retailer may, if he or she so elects, report and pay an amount based upon his or her total billings of business subject to the tax during the period for which the return is made (exclusive of any amounts previously billed or paid) with prompt adjustments of later payments based upon any differences between such billings and the taxable gross charges.