Budgeting & Saving

AY 2022/2023 GST Vouchers: Everything You Need To Know

With the rising inflation in Singapore, Ministry of Finance (MOF) has introduced a S$1.5 billion package to help Singaporeans cope. As a result, around 1.5 million Singaporeans will receive up to S$700 in cash next month (August). Read the article to find out more about the GST Vouchers below.

About 1.5 million Singaporeans will receive up to $700 in cash next month (August), as part of a S$1.5 billion package to help them cope with higher inflation. This was the official statement released by the Ministry of Finance (MOF) on July 12, 2022.

Am I eligible to receive this payout? Why is the government handing out this sum of money? When and how would I receive this cash?

Read on to find out all there is to know about the GST vouchers this August.

Enhanced GSTV Scheme

For those who have yet to hear of the GST Voucher Scheme; this is not the first time it has been handed out, and neither will it be the last. Since 2012, the GST Voucher scheme has provided help to the lower- to middle-income Singaporeans and households to defray GST and other living expenses. Citizens may check their eligibility for the GSTV – Cash and MediSave benefits at the GSTV official website by logging in with their Singpass.

GST Voucher Infographic With The Breakdown and Payment Date
Source: ChannelNewsAsia (CNA)

This year, the GSTV scheme has been enhanced to better help Singaporeans cope financially with rising inflation and the impending GST hike. So long as you are eligible, you will be able to claim the four different GSTV components throughout the year:

  • GSTV – Cash
  • GSTV – Medisave
  • GSTV – U-Save
  • GSTV – Service and Conservancy Charges (S&CC) Rebate

GSTV - Cash + Cash Special Payment

For 2022 and beyond, the assessable income threshold for the GSTV – Cash will be increased from S$28,000 to S$34,000 to cover more Singaporeans. The quantum of the GSTV – Cash payout will also be increased and the changes will be implemented over a span of two years.

Here are the changes at a glance:

Singaporeans Aged 21 & Above With Annual Income (AI) < S$34,000Annual Value (AV) of Home
AV ≤ S$13,000S$13,000 < AV ≤ S$21,000
Previous GSTV – CashS$300S$150
Enhanced GSTV – Cash in 2022S$400 (+S$100)S$250 (+$100)
GSTV – Cash in 2023 onwardsS$500 (+S$100)S$250
Notes:
  1. Individuals who own more than one property are not eligible for GSTV – Cash
  2. For 2022 GSTV – Cash, the AI for Year of Assessment (YA) 2021 will be considered to determine an individual’s eligibility
  3. For 2023 GSTV – Cash, the AI for YA2022 will be considered

The GSTV scheme will also be further expanded upon with an additional GSTV - Cash Special Payment. Approx. 1.5 million eligible Singaporeans will receive an additional GST voucher payment of up to S$300 in August 2022.

There are several criteria to meet for receiving this voucher:

  • Aged 21 years and above
  • Annual income (AI) of not more than S$34,000
  • Residential address is a property that does not exceed an Annual Value (AV) of S$21,000
  • Do not own more than one property

The GSTV - Cash Special Payment is in addition to GSTV - Cash. Eligible Singaporeans can claim up to S$700 under this component of the GSTV scheme.

GSTV - Medisave

Announced at Budget 2019, all eligible seniors will receive their 5-Year MediSave Top-up annually from 2019 to 2023. Under GSTV - Medisave, about 575,000 eligible Singaporean adults aged 65 and above in 2022 will have up to $450 credited into their CPF MediSave Account.

Apart from the GSTV payments, Singaporeans born on or before 31 December 1969 (aged 53 and above in 2022) and not already receiving Pioneer Generation or Merdeka Generation benefits will each be credited S$100 into their CPF MediSave Account in end-August 2022.

GST Voucher Infographic Broken Down By Age
Source: ChannelNewsAsia (CNA)

GSTV - U-Save

This component under the GSTV scheme will benefit the 950,000 Singaporean households that stay in Housing and Development Board (HDB) flats, with up to S$760 U-Save rebates.

As announced at Budget 2022, eligible Singaporean households will receive added GSTV – U-Save rebates under the S$560 million Household Support Package (HSP) in April 2022, July 2022, and October 2022, and the S$6.64 billion Assurance Package (AP) for GST from January 2023 until January 2026.

Singaporean households will need to meet the following criteria to be eligible under GSTV - U-Save:

  • Households must have at least one Singaporean as the owner, occupier, or tenant of the HDB flat
  • Household members cannot own more than one property

Eligible Singaporeans households will automatically receive the U-Save rebates on their utility bills. There is no registration process or call for action involved to receive this payout.

If the U-Save rebate is higher than your actual utility bill for the month, the unused portion will be rolled over to next month’s bill.

As part of the new S$1.5 billion support package, all Singaporean households, inclusive of those living in private properties, will receive S$100 worth of utility credits to help offset their utility bills. This will be disbursed by September 2022.

Table of U-Save Rebates Broken Down By Dwelling Type
Source: Ministry of Finance (MOF) Singapore

GSTV – Service and Conservancy Charges (S&CC) Rebate

The Service and Conservancy Charges (S&CC) Rebate will be made a permanent component of the GSTV scheme, from 2022 onwards.

This new component under the GSTV scheme will too benefit the 950,000 Singaporean households that stay in Housing and Development Board (HDB) flats. Eligible Singaporean households will receive rebates to offset between 1.5 to 3 months of S&CC across the year 2022.

Singaporean households will need to meet the following criteria to be eligible under GSTV - S&CC Rebate:

  • Households must have at least one Singaporean as the owner, occupier, or tenant of the HDB flat
  • Households with a member owning or having any interest in a private property, or have rented out the entire flat, are not eligible for the S&CC rebate
S&CC Rebates Table Sorted By Dwelling Type
Source: Ministry of Finance (MOF) Singapore

Household Support Package + Assurance Package for GST

Apart from the enhanced GST Vouchers Scheme, the government has also launched the transitory S$560 million Household Support Package to help families to cope with the rising cost of living and top-up $640 million to enhance the current $6 billion Assurance Package (AP) for GST to cushion the impact of the planned GST increase for all Singaporeans.

Eligible Singaporeans would have already received Community Development Council (CDC) vouchers, two GSTV - U-Save and GSTV - service and conservancy (S&CC) rebates, and top-ups to Edusave or Post-Secondary Education Accounts earlier this year. Eligible Singaporeans can expect further support in the form of cash payouts, utilities credits, top-ups to Child Development Accounts, and another two tranches of U-Save and S&CC rebates in the coming months.

For more information on the Household Support Package and Assurance Package, check out MOF’s official website here.

How To Check Your GST Voucher

To check whether you will receive the GST Voucher, simply head on to the Gov Payout website and login with your Singpass. In the portal, you can see how much and when you will receive the GST voucher. Furthermore, you can amend your bank account details in the portal as well.

Where To Spend Your GST Vouchers?

With rising commodity and food costs in Singapore, the intent of the GST Voucher Scheme is to help the lower- to middle-income Singaporeans and households offset such costs and relieve their financial burden, albeit little.

Daily household expenses such as food and grocery shopping, utility bills and other necessary costs ought to take the lion’s share of the payouts from the GST Voucher scheme.

However, the GST Voucher scheme is just a temporary solution that would fail to improve your financial situation in the long run. Learning how to maximise cashback on daily expenses, scrimp on food payments, save on electricity and petrol costs or even budgeting and planning your expenses well is vital in improving your finances over the years.

With these tips and tricks to manage your personal finances, you could use the GST vouchers to treat yourself to a hearty meal at buffet restaurants or even spend it together with your NS55 credit vouchers.

Conclusion

The GSTV scheme, together with the Household Support Package and Assurance Package, is here to help us tide through the difficult times of rising costs of living and future GST hikes. Nonetheless, it is only a temporary solution, and we would need to count on ourselves to better our financial situation, either through investments or savings.

Take control of your finances with us at ValueChampion!

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Fiona Ling

Fiona is a full-stack marketer working in the digital sphere for more than six years.
A self-proclaimed foodie and bargain hunter, she wants to bring the best deals and value to the community around the world. When not working on her pet projects, Fiona can be found sipping a coffee while reading a paperbacks or watching mystery thrillers on Netflix and Disney+.