The Singapore Goods and Services Tax (GST) Voucher scheme is a government initiative designed to assist citizens in managing the impact of the GST on their daily expenses. In 2024, the scheme takes on even greater significance as the GST rate is set to increase from 7% to 9%.
Singapore GST Voucher 2024
The Singapore government has announced the details of the Goods and Services Tax (GST) Voucher scheme for 2024. This program is a key part of the government’s efforts to help lower and middle-income Singaporeans cope with the rising cost of living in the country.
Recognizing the rising cost of living, the government has enhanced the GST Voucher payouts for 2024. You can receive either a cash payout or a top-up to your MediSave account (depending on your age) under the scheme.
The GST Voucher – Cash provides $450 or $850 based on income level, while the GST Voucher – MediSave offers seniors aged 65+ a top-up to their MediSave accounts to help with healthcare expenses.
Singapore GST Voucher 2024 Eligibility Criteria
The Singapore GST Voucher 2024 aims to support citizens in managing the impact of the Goods and Services Tax (GST) increase. To qualify for this benefit, you must meet several specific criteria:
- You must be a Singapore Citizen.
- You must be currently residing in Singapore.
The age requirement depends on the type of GST Voucher you are applying for:
- GST Voucher – Cash: You must be aged 21 and above in 2024.
- GST Voucher – MediSave: You must be aged 65 or above in 2024.
Income:
Your income level plays a role in determining your eligibility and the amount of the cash payout you might receive. Here’s the requirement:
- Your assessable income for 2022 (as assessed by IRAS for the Year of Assessment (YA) 2023) must not exceed $34,000.
Property Ownership:
There are two conditions related to property ownership:
- You must not own more than one property.
- The Annual Value (AV) of your home, as indicated on your NRIC as of December 31, 2023, must not exceed $25,000.
- If you meet all the above criteria and have previously registered for the GST Voucher scheme, you don’t need to re-apply for the 2024 payout.
- New applicants or those unsure about their eligibility can apply through the GST Voucher e-services portal by June 20, 2025.
Singapore GST Voucher 2024 Amount
The Singapore GST Voucher 2024 provides financial assistance to eligible citizens to help them cope with the rising cost of living, particularly the increase in Goods and Services Tax (GST).
Types of Payouts:
The GST Voucher scheme offers two forms of assistance depending on your age:
- GST Voucher – Cash: This benefit is a direct cash payout to help offset daily expenses.
- GST Voucher – MediSave: This benefit applies to seniors aged 65 and above in 2024. It provides a top-up to their MediSave accounts to support healthcare needs.
Cash Payout Amounts:
The cash payout amount you receive under the GST Voucher scheme depends on your income level and the Annual Value (AV) of your home:
- Higher Cash Payout ($850):
- You must have an assessable income of up to $34,000 for YA 2023.
- The Annual Value (AV) of your home must not exceed $21,000.
- Lower Cash Payout ($450):
- You must have an assessable income of up to $34,000 for YA 2023.
- The Annual Value (AV) of your home must be between $21,000 and $25,000.
- The cash payout amounts for 2024 have been enhanced compared to previous years to better address the rising cost of living.
- The MediSave top-up amount for seniors is not publicly disclosed but is designed to complement their healthcare expenses.
- If you qualify for the cash payout, verify the Annual Value (AV) of your home as indicated on your NRIC.
- New applicants or those unsure about their eligibility can apply through the GST Voucher e-services by June 20,2025.
Singapore GST Voucher 2024 Payout Dates
If you were eligible and registered for the Singapore GST Voucher scheme before the application deadline (June 30,2024), you can expect to receive your Singapore GST Voucher 2024 payout in August 2024.
The exact date within August might vary depending on your chosen payment method:
- 1st August: PayNow (linked to your NRIC)
- 12th August: Direct deposit to your bank account (linked to your NRIC)
- By 22st August: GovCash account (except for those with bank details or linked PayNow)
Existing registrants who were previously enrolled in the scheme will automatically receive their payouts in August.
- If you have concerns about your eligibility or the exact payout date, contact the Inland Revenue Authority of Singapore (IRAS) through their website (https://www.iras.gov.sg/) or hotline: 1800-CGAP (1800-2427).