GST-registered businesses will be required to submit invoice data to IRAS through the InvoiceNow network using InvoiceNow-Ready solutions. This mandatory requirement will be implemented in phases.
Phased adoption of GST InvoiceNow Requirement
Transmission of invoice data to IRAS between businesses via the InvoiceNow network
InvoiceNow allows businesses to send and receive invoices in a structured digital format, reducing manual processing and errors in accounting systems.
Why use InvoiceNow e-invoicing (*also known as Peppol e-invoicing)?
Businesses often email PDF e-invoices, which the recipient must manually re-enter into their accounting system. With InvoiceNow-Ready Solutions, data can be transmitted between businesses without human intervention enabling seamless processing and payment.
Can I send and receive InvoiceNow invoices cross border?
Yes, as long as your overseas partners are connected to the Peppol network, invoice data can be exchanged seamlessly with businesses in other countries.
How do I know if my suppliers and partners on the network?
You would be able to search for your InvoiceNow ready suppliers, partners and customers on the SG Peppol Directory.
How will InvoiceNow benefit my GST-registered business?
InvoiceNow-Ready Solutions help GST-registered businesses streamline tax compliance by transmitting invoice data directly to IRAS. This leads to shorter audits, faster GST refunds, and reduced effort in data preparation. The solutions also offer built-in checks and alerts to prevent wrongful GST claims, supporting better record-keeping and accounting practices.
Is there a fee for InvoiceNow e-invoices?
Fees are based on the volume of invoices sent and/or received.
S B Tan Audit PAC 