GST InvoiceNow Requirement: Transforming Tax Administration in Singapore
What Is InvoiceNow?
InvoiceNow is Singapore’s e-invoicing network based on the international Peppol standard. It enables businesses to send and receive invoices digitally in a structured format, reducing manual processes, errors, and costs. The network supports seamless tax reporting by integrating directly with IRAS systems.
Progressive Implementation Timeline
- 1 May 2025: Soft launch for early adoption by existing GST-registered businesses.
- 1 November 2025: Mandatory for newly incorporated companies that voluntarily register for GST.
- 1 April 2026: Mandatory for all new voluntary GST registrants.
Future Plans: Gradual rollout to all GST-registered businesses, with industry feedback being reviewed before further announcements.
Who Needs to Comply?
GST-registered businesses required to transmit invoice data include:
- Standard-rated supplies (excluding reverse charge).
- Zero-rated supplies.
- Standard-rated purchases (excluding reverse charge).
Exemptions: Overseas entities and businesses under the Reverse Charge regime.
Benefits of Using InvoiceNow Solutions
- Streamlined Processes: Direct e-invoicing between businesses.
- Reduced Errors: Minimized manual intervention and input tax claim errors.
- Improved Compliance: Faster GST refunds and reduced audit risks.
- Enhanced Cashflow: Quicker invoice processing and payment.
How to Prepare
- Check Your Solution: Ensure your accounting software is InvoiceNow-enabled. Refer to IMDA’s website for the list of pre-approved providers.
- Register for InvoiceNow: Obtain a Peppol ID via IMDA’s SG Peppol Directory.
- Connect to IRAS: Ensure your InvoiceNow solution is linked to IRAS through API technology.
- Activate & Test: Transmit invoices to IRAS and test system readiness.
Support for Businesses
- Grants: IMDA offers the LEAD Connect & Transact Grant, InvoiceNow Transaction Bonus, and Productivity Solutions Grant to ease adoption costs.
- Value-Added Services: Built-in checks in InvoiceNow solutions ensure accuracy in GST reporting.
Key Deadlines for Invoice Data Transmission
Invoice data must be transmitted to IRAS no later than:
- The filing date of the GST return.
- The GST return due date.
