GST InvoiceNow Requirement - Key highlights
On 15 April 2024, the Inland Revenue Authority of Singapore (“IRAS”) announced the requirement for businesses which will be applying for voluntary GST registration to transmit invoice data to IRAS using InvoiceNow solutions via the InvoiceNow network (“GST InvoiceNow Requirement”).
Since then, there has been much interest as to when this new requirement will also be made mandatory for the rest of the GST-registered businesses.
On 12 June 2024, the IRAS published a draft e-tax guide regarding GST InvoiceNow Requirement to provide more clarity for businesses adopting e-invoicing and conducted a Public Consultation exercise between 12 June 2024 to 25 July 2024 to seek feedback and comments.
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