??Singapore Revenue Authority (IRAS) announces GST InvoiceNow requirement!

What's Happening:

• InvoiceNow Adoption: Starting from April 15, 2024, GST-registered businesses can now transmit invoice data directly to IRAS using InvoiceNow solutions.
• Phased Implementation:May 1, 2025: Soft launch for voluntary transmission.Nov 1, 2025: Mandatory for newly incorporated companies registering for GST.April 1, 2026: Mandatory for all new voluntary GST-registrants.
• Exclusions: Overseas entities and businesses under the Reverse Charge regime are exempted.

Transmission of Invoice Data:

• Required for standard-rated and zero-rated supplies/purchases.
• Must be transmitted before GST return filing or its due date.

Key Points:

• Businesses must continue filing GST returns on time.
• Recordkeeping requirements remain unchanged.
• IMDA will list InvoiceNow solutions by May 2025.
• Various grants available to support adoption.
• Considerations for businesses preparing for the requirement.

Conclusion:

• Aligns with ASEAN eInvoicing trends.
• Streamlines processes, reduces errors, and improves cashflow management for businesses.

For deeper insights and support in navigating the Global eInvoicing?universe , our expert team stands ready to assist, guiding each step with strategic, data-driven counsel.

Stay compliant and informed! ??

Taxera Technologies one Platform, Seamless Global Tax Compliance.