Singapore’s GST Voucher scheme is a government initiative designed to offset the impact of the Goods and Services Tax (GST), especially for lower- to middle-income Singaporeans. With GST filing in Singapore and tax responsibilities increasing, the government introduced this scheme to help ease financial burdens for specific income groups. This guide will explain who qualifies for these vouchers, what benefits are included, and how to claim them, with insights into tax filing services that can further support your financial planning.
What is the GST Voucher Scheme?
The GST Voucher (GSTV) scheme was introduced in 2012 to help Singaporean households manage the rising cost of living, particularly in light of the GST increases. It targets specific income groups and provides support in three main categories:
- Cash payouts
- MediSave top-ups
- U-Save rebates
These categories are designed to cover a range of needs, from healthcare to utility expenses, easing financial burdens for eligible individuals and families.
Eligibility Criteria for the GST Voucher Scheme
Eligibility for the GST Voucher scheme depends on several factors, including:
- Income level
- Age
- Annual property value
- Property ownership
General Eligibility Requirements
To be eligible for GST Voucher benefits, applicants must meet the following conditions:
- Singaporean Citizen: Must hold Singaporean citizenship and reside in Singapore.
- Age: Aged 21 and above in the payout year.
- Income Cap: Must have an Assessable Income (AI) not exceeding $34,000 for the previous assessment year.
- Property Ownership: Eligible individuals should own one or no properties. Those with multiple properties do not qualify.
- Annual Value of Home: The Annual Value (AV) of the property must not exceed $25,000, based on the most recent government valuation.
Types of Benefits under the GST Voucher Scheme
The scheme is divided into three primary types of benefits:
1. GST Voucher – Cash Payout
The GST Voucher Cash component provides a direct cash payment to help lower-income individuals with daily expenses. The payout depends on the property value and income level.
- Payout Amount: Eligible individuals can receive up to $850.
- Distribution: Typically, the payout is made in August each year.
- Eligibility for Full Payout: Individuals who meet all the basic eligibility criteria and have properties with an AV below $21,000 are eligible for the maximum cash payout. Those with AVs between $21,000 and $25,000 receive a lower payout.
2. GST Voucher – MediSave Top-Up
The MediSave top-up aims to support Singaporeans aged 65 and above with their healthcare needs. This top-up is credited directly into the Central Provident Fund (CPF) MediSave accounts.
- Payout Amount: MediSave top-ups range from $150 to $450, depending on age and AV of residence.
- Eligibility: Singaporeans aged 65 and above with only one property and an AV of $25,000 or less.
- Usage: These funds can only be used for approved healthcare expenses, such as hospital bills and specific outpatient treatments.
3. GST Voucher – U-Save Rebates
U-Save rebates are provided to help lower- and middle-income households offset their utility bills. These rebates are given quarterly and vary based on the household type.
- Payout Amount: Eligible households can receive up to $380 in U-Save rebates annually.
- Eligibility: Rebates apply to HDB households with at least one Singaporean owner, occupier, or tenant. Those who own multiple properties are ineligible.
- How it Works: The rebates are automatically applied to the household’s monthly utility bills. Any unused rebate amount rolls over to the next billing cycle.
Additional Support Packages Linked to GST
To further cushion the GST increase, the government has introduced several other financial support packages:
The Assurance Package
The Assurance Package was created to help Singaporeans cope with recent GST hikes. It includes several cash payouts, additional U-Save rebates, and MediSave top-ups, extending benefits over a period of five years.
Cost-of-Living (COL) Special Payment
As part of the Assurance Package, eligible Singaporeans also receive a one-off Cost-of-Living special payment, typically disbursed in September. The payout amount ranges from $200 to $400, based on income and property ownership.
CDC Vouchers
Every Singaporean household receives Community Development Council (CDC) vouchers, which can be used at participating supermarkets, hawkers, and heartland shops. In 2024, all households will receive $800 in CDC vouchers to help offset essential expenses.
How to Check Eligibility and Claim Your GST Voucher
Step 1: Log into MyInfo with Singpass
To check your eligibility for GST vouchers, you can log into MyInfo using your Singpass account. MyInfo provides a comprehensive overview of government payouts, including GST vouchers.
Step 2: Review Your Eligibility Details
The eligibility checker will display whether you meet the necessary criteria based on your annual income, property ownership status, and AV.
Step 3: Check for PayNow Registration
Most cash benefits are credited through PayNow. To receive payments quickly, link your bank account to PayNow using your NRIC number. You can contact your bank to check or complete the registration.
Step 4: Access Payments via GovCash (if Unlinked to PayNow)
If you do not have a PayNow-linked bank account, the government will transfer your benefits via GovCash. This service allows Singaporeans to withdraw their cash payouts at OCBC ATMs island-wide by entering their Payment Reference Number and verifying their NRIC with facial recognition.
Step 5: Track Your Payments and Rebates
After confirming eligibility, keep an eye on your CPF MediSave account, utility bill, or bank statement to track the crediting of your GST Voucher and other payouts.
