The Singapore government has announced enhancements to the Goods and Services Tax (GST) Voucher scheme for 2024. Designed to help lower- to middle-income Singaporeans cope with the rising cost of living, the GST Voucher comprises several components that provide financial relief in various ways.
What is the GST Voucher?
The GST Voucher (GSTV) is a financial support scheme introduced by the Singapore government to offset the impact of the Goods and Services Tax (GST) on lower- and middle-income households. The GSTV comprises four components:
- Cash: Direct cash payouts to eligible individuals.
- MediSave: Top-ups to MediSave accounts to help with healthcare expenses.
- U-Save: Rebates on utility bills for Housing & Development Board (HDB) households.
- Service & Conservancy Charges (S&CC) Rebate: Rebates on S&CC for eligible HDB households.
GST Voucher 2024: Enhanced Cash Payouts
The most significant change for 2024 is the enhancement of the Cash component. Eligible Singaporeans can now receive up to S$850 in cash payouts, a substantial increase from previous years.
This is aimed at providing more direct financial assistance to those who need it most.
Eligibility for GST Voucher 2024 – Cash
To be eligible for the GSTV – Cash in 2024, you must meet the following criteria:
- Singapore Citizen: You must be a Singapore Citizen.
- Age: You must be aged 21 and above in 2024.
- Income: Your Assessable Income (AI) for Year of Assessment (YA) 2023 must not exceed S$34,000.
- Property Ownership: You should own no more than one property.
- Annual Value (AV) of Home: The Annual Value of your home as of 31 December 2023 should meet specific criteria:
| Annual Value of Home (as of 31 Dec 2023) | GSTV – Cash Payout |
|---|---|
| Up to S$21,000 | S$850 |
| More than S$21,000 and up to S$25,000 | S$450 |
Payout Date for GST Voucher 2024 – Cash
The enhanced GSTV – Cash payouts for 2024 are expected to be disbursed in August 2024. Eligible individuals will receive their payouts automatically if they have signed up for previous government payouts. If you haven’t signed up previously, you can do so online through the GSTV e-services.
Other GST Voucher Components
- MediSave: Eligible Singaporeans will also receive top-ups to their MediSave accounts to help with medical expenses.
- U-Save: Eligible HDB households will continue to receive U-Save rebates on their utility bills. The government has also introduced additional U-Save rebates under the Assurance Package to help households cope with higher utility costs.
- S&CC Rebate: Eligible HDB households will also receive rebates on their Service & Conservancy Charges.
GST Voucher 2024 Amounts
| Component | Eligibility Criteria | Amount (2024) | Payout Method | Additional Notes |
|---|---|---|---|---|
| GSTV – Cash | Singapore Citizen, 21+, Annual Assessable Income up to $34,000, Home AV up to $25,000 | Up to $850 | PayNow-NRIC | Amount varies based on income and home Annual Value (AV). Disbursed in August 2024. |
| GSTV – MediSave | Singapore Citizen, 21+, Meets income and AV criteria | Varies | MediSave Account | Amount varies based on age and income. |
| GSTV – U-Save | Singaporean households living in HDB flats | Varies | Utilities bill rebate | Amount varies based on HDB flat type. Enhanced rebates for FY 2024 (up to $950) to help with utility bill increases. |
| GSTV – S&CC | Eligible HDB households | Varies | S&CC bill rebate | Amount varies based on HDB flat type. One-off 0.5-month rebate in January 2025. |
#These are the 2nd Table
| Annual Income | Up to $S 2100 | Above $S 2100 | ||
| Disbursement Period | Age between 55 and 64 | Age between 65 and above 64 | Age between 55 and 64 | Age between 65 and above |
| February 2024 | $S250 | $S300 | $S200 | $S200 |
| February 2025 | $S250 | $S300 | $S200 | $S200 |
#These are the 3rd Table
| HBD Flat type | 1 and 2 bedroom | 3 and 4 bedroom | 5 bedroom | Executive room |
| Additional GST-Voucher | $S95 | $S85 | $S65 | $S55 |
| Existing Voucher | $S95 | $S85 | $S65 | $S55 |
| Total Voucher | $S190 | $S170 | $S130 | $S110 |
How to Apply For Singapore GST Voucher
There is no need to apply for the Singapore GST Voucher as it is automatically disbursed to eligible citizens.
Eligibility Criteria
To be eligible for the GST Voucher in 2024, you need to meet these requirements:
- Singapore Citizen residing in Singapore
- Aged 21 and above
- Have an annual assessable income of up to $34,000 for the Year of Assessment (YA) 2023 (income earned in 2022)
- Have an Annual Value (AV) of your home (as indicated on your NRIC) not exceeding $25,000 as of 31 December 2023
- Not own more than one property
How to Check Eligibility
- Online: You can check your eligibility status for the 2023 GST Voucher (Cash and MediSave) through the GSTV e-services on the official website.
- In Person: You can also visit a Citizen Connect Centre (CCC) for assistance.
How You Will Receive the GST Voucher
The GST Voucher is disbursed in different components:
- GSTV – Cash:
- If you are eligible and have not signed up previously, you can sign up online or check your existing sign-up status through the GSTV e-services.
- The last day to sign up for the 2023 GSTV is 30 April 2024.
- It is recommended to register for PayNow-NRIC by 21 July 2023 for a smoother transaction.
- GSTV – MediSave:
- No action is required. Eligible individuals will receive this component automatically in their MediSave account.
- GSTV – U-Save:
- No action is required. Eligible households will receive rebates directly in their utilities account managed by SP Services Limited.
Additional Information:
- GSTV – S&CC Rebates: Eligible HDB households will receive GSTV – S&CC rebates to offset their Service & Conservancy Charges. More information can be found on the official website.
- One-Off S&CC Rebate: In addition to the regular rebates, eligible HDB households will receive a one-off 0.5-month S&CC rebate in January 2025.
For more information, please refer to the official website or visit a Citizen Connect Centre.
Conclusion
The enhanced Singapore GST Voucher scheme for 2024 is a welcome move that will provide much-needed financial relief to many Singaporeans. The increased cash payouts, along with the other components of the scheme, will help to offset the impact of the rising cost of living and ensure that everyone can enjoy a decent standard of living.