In Singapore, the Goods and Services Tax (GST) is a consumption tax levied on the supply of most goods and services in the country. As of my last update in 2022, the standard rate of GST in Singapore is 7%. This means that for most goods and services purchased in Singapore, consumers pay an additional 7% of the item’s price as GST.
When it comes to receiving GST as an individual, Singaporean citizens and permanent residents aged 21 years and above may be eligible for the GST Voucher scheme. The GST Voucher aims to provide support to lower- and middle-income Singaporeans to help offset some of the GST expenses they incur.
The GST Voucher scheme consists of three components:
- Cash Payment: Eligible individuals receive cash payouts annually, typically in August, to help with living expenses. The exact amount varies based on income levels, marital status, and property ownership.
- Medisave Top-Ups: Lower- to middle-income elderly Singaporeans may receive Medisave top-ups to help with healthcare expenses.
- Utilities-Save (U-Save) Rebate: This component provides eligible HDB households with rebates on their utility bills. The amount depends on the type of housing and the number of family members.
The specific amount individuals receive under the GST Voucher scheme can vary widely based on multiple factors, including income level, marital status, property ownership, and the number of family members.
For instance, the cash payouts may range from a few hundred to over a thousand Singapore dollars per eligible individual. The U-Save rebates can also vary based on the household’s circumstances and housing type.
It’s important to note that the GST Voucher scheme is subject to government policies and can change from year to year. To get the most accurate and updated information about the current GST Voucher payouts and eligibility criteria, you can visit the official website of the Singapore Ministry of Finance or the GST Voucher portal.