- Businesses applying for voluntary GST registration must use an InvoiceNow-ready solution to send invoice data to IRAS.
- InvoiceNow is an e-invoicing initiative using the Peppol network for direct digital invoice transmission.
- The GST InvoiceNow requirement involves sending invoice data to IRAS in addition to customer-supplier exchanges.
- The requirement will be extended to other GST registered businesses in stages.
- Benefits include streamlined invoicing, enhanced security, improved record-keeping, and increased efficiency.
Source: pwc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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