Close to 2.1 million adult Singaporeans will receive letters from the Government from 2 July 2012 onwards, to inform them of the amount that they will receive this year under the GST Voucher (GSTV) scheme.
The GSTV is a permanent scheme introduced in Budget 2012 to help lower- and middle-income households with their expenses, in particular, what they pay in GST. Retiree couples living in smaller flats can expect to receive a GSTV that will more than fully offset their yearly GST expenses.
The GSTV for lower-income households (with no elderly persons) living in 3- or 4- room flats should cover about half of the GST they pay each year. Middle-income families can also expect to receive a GSTV that will partially offset their GST expenses.
The GSTV has 3 components: (i) GSTV – Cash, to help defray some immediate expenses; (ii) GSTV – Medisave, a Medisave top-up to help the elderly with medical expenses; and/or (ii) GSTV – U-Save, a rebate to help households offset utilities bills. Singaporeans will receive some or all of the three components depending on their age, income and the annual value of their home.
Details on the payout structure, criteria and examples of how families can benefit from the yearly GSTV can be found at Annex.
About $340 million in GSTV – Cash will be paid to the bank accounts or via cheque to eligible Singaporeans on 1 August. Those with an Assessable Income of $24,000 or less and living in a home with Annual Value (AV) $20,000 or less can get up to $250 in GSTV – Cash.
In addition, about $100 million in GSTV – Medisave will be topped up to the CPF Medisave Accounts of elderly Singaporeans aged 65 and above on the same day. Elderly Singaporeans living in homes of AV $20,000 or less can get up to $450 in GSTV – Medisave.
Most Singaporeans will not have to take any action to receive their GST Voucher. However, a small number of eligible Singaporeans who have not signed up for a previous Government payout (such as the 2011 Growth Dividend or 2007-2010 GST Credits) will have to sign up by 18 July to receive their payout on 1 August. They can do so via the following channels:
- Online: www.gstvoucher.gov.sg (sign up by 18 July); or
- Physical sign-up form: Available at any Community Centre, Community Development Council or CPF Service Centre (sign up by 16 July).
Those who sign up after 18 July will receive their payout after 1 August. They have up to 31 December 2012 to sign up for their 2012 GSTV payout.
$180 million in GST Voucher – U-Save to be given to 800,000 HDB households in July 2012
About $180 million in GSTV – U-Save will be credited to the utilities accounts of 800,000 HDB households in July 2012. This is the first payment of a half-yearly U-Save payout under the GSTV scheme. The GSTV – U-Save will be paid out in January and July each year. Those living in 1-2 room HDB flats will receive $130 in July, which can offset about 1-2 months of utilities bills on average. Those living in 3-4 room HDB flats can enjoy up to 1 month of offset on average.
There is no need to sign up for the GSTV – U-Save.
More information can be found at www.gstvoucher.gov.sg. Singaporeans can also call 1800 2222 888 for details on the GSTV – Cash and Medisave, and 1800 2222 333 for information on the GSTV – U-Save.
Share this with your friends & family members on Facebook now
Get a FREE Samsonite RED Robo 65cm Luggage worth $335 (with $600 min spend) when you sign up for a HSBC Visa Platinum credit card (w/ 2-year annual fees waiver) at www.hsbc.com.sg.