Tuesday, July 03, 2012

Singapore to Give Out GST Voucher Worth S$440 million from August 1

Almost 2.1 million Singaporeans will receive a letter starting July 2 detailing the amount of financial assistance they could expect to receive under the GST Voucher (GSTV) Scheme.
Under the permanent scheme, introduced in Budget 2012 to help lower- and middle-income households with their expenses, in particular GST expenses, a total of S$440.0 million will be given out from August 1.
Lower-income households (with no elderly persons) living in 3- or 4- room flats will be able to cover about half of the GST they pay yearly.
Meanwhile, families in the middle-income category can also expect to receive a GSTV that will partially offset their GST expenses.
The GSTV has 3 components: GSTV – Cash; GSTV – Medisave top-up to help the elderly with medical expenses; and GSTV – U-Save, a rebate to help households offset utilities bills.
The aid amount varies depending on their age, income and annual value of their home.
The government said eligible Singaporeans who have not signed up for a previous government payout, such as the 2007-2010 GST Credits, will have to sign up by July 18 to receive their payout on August 1.
They can do so via the website at by July 18, or by filling up a physical form at any community centre, Community Development Council or CPF Service Centre by July 16.
However, there is no need to sign up for the GSTV – U-Save which will be paid out automatically in January and July each year.

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