InvoiceNow is a national e-invoicing system that helps businesses of all sizes process invoices more efficiently, lowering costs and speeding up payments. It uses the Peppol framework, which allows e-invoices to be sent in a standard digital format between different finance systems. InvoiceNow was launched by the Infocomm Media Development Authority (IMDA) in 2019.
To support the nationwide InvoiceNow initiative and IRAS’s efforts to go digital, GST-registered businesses will need to use InvoiceNow solutions to send their invoice data to IRAS for tax purposes. This will help integrate tax into businesses' accounting and payroll systems more smoothly.
To give businesses enough time to get ready, the GST InvoiceNow Requirement will be rolled out in stages:
*This applies to existing GST-registered businesses and any other businesses that apply for GST registration on or after 1 May 2025.
The GST InvoiceNow Requirement will be gradually implemented for the remaining GST-registered businesses. IRAS will consult with industry partners and review feedback before sharing more details. While the initial phases mainly impact new voluntary GST registrants, all existing GST-registered businesses should be aware of these dates if they plan to start new businesses or apply for voluntary GST registration.
Invoice data will be sent to IRAS smoothly through Access Point providers (AP) using Application Programming Interface (API) technology. By sending invoice data directly through the InvoiceNow network, GST-registered businesses can simplify their compliance process when submitting data to IRAS.
With improved risk analysis from IRAS, fewer businesses are likely to be chosen for GST audits. Those that are selected may experience shorter audits and quicker resolution of any issues. Businesses claiming GST refunds might also receive their refunds sooner if they are assessed as lower risk.
Additionally, businesses can benefit from features in InvoiceNow solutions, such as receiving alerts for incorrect GST charges from suppliers who are not GST registered.
Businesses are encouraged to start early and prepare for using InvoiceNow solutions or adjust their accounting systems to meet the GST InvoiceNow Requirement. Here are four steps to follow:
Starting now:
Step 1:
Make Sure Your Solution Works with InvoiceNow
If you already have accounting or finance software, or if you're planning to buy one, check if it's on IMDA’s list of approved e-invoicing solution providers. If you're a large company using your own system, contact an IMDA-approved Access Point Provider (AP) to help you connect to the InvoiceNow network.
Step 2:
Register for InvoiceNow and Get Your Peppol ID
Talk to your solution provider or AP to register your business in the SG Peppol Directory using your UEN and get your Peppol ID.
Starting May 2025:
Step 3:
Make Sure Your InvoiceNow Solution Connects to IRAS Using API Technology.
Reach out to your solution provider or Access Point Provider (AP) to confirm that your InvoiceNow solution is connected to IRAS through API technology.
Step 4:
Turn on the Feature to Send Invoice Data to IRAS
Work with your solution provider or AP to activate the feature that allows you to send invoice data to IRAS. Test your system to ensure that you can successfully transmit invoices. For more details on the four steps to get started early, please visit the IRAS website.
The GST InvoiceNow Requirement has been in the works for a while and is in line with recent e-invoicing trends in the ASEAN region. The InvoiceNow system offers GST-registered businesses a chance to improve their GST compliance by simplifying their processes. This helps reduce errors and costs while enhancing cash flow management. By focusing on accuracy and efficiency, GST-registered businesses can concentrate on their main goals while still meeting GST requirements. For more information, contact Clooud Consulting—we are one of the best e-invoicing solution providers in the industry.
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