GST voucher 2022: Everything you need to know plus the amount you'll get
GST voucher, Cost-of-Living, Assurance Package and more; if you're confused, read this to find out what they are, how much you'll get and when you'll get them.
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PUBLISHED ONNovember 21, 2022 7:37 AMByEnya Rodrigues
Eligible Singaporeans will receive up to $700 worth of vouchers this December from the Singapore government to offset the upcoming GST hike and rising costs of living.
The vouchers payable in December would come in two parts — the Assurance Package vouchers and the Cost-of-Living (COL) vouchers. This would be the first round of GST vouchers that Singaporeans will receive in the coming months.
Here's everything you need to know, simplified for you.
Vouchers to be paid out in December 2022
Assurance Package vouchers
In Budget 2020, the Singapore government announced a $6 billion Assurance Package (AP) to cushion the effects of the upcoming increase in GST.
They have since enhanced the package with an additional $640 million worth of vouchers, which would be distributed to about 2.8 million adult Singaporeans.
The payouts will be distributed over five years, with the first payment being dispersed in December 2022.
Cost-of-Living special payment
In October 2022, Deputy Prime Minister and Minister for Finance Lawrence Wong announced a $1.5 billion support package to provide aid to Singaporeans for rising inflation. This package is specifically targeted at helping lower- to middle-income groups.
About 2.5 million Singaporeans will benefit from the Cost-of-Living (COL) vouchers and it will be paid out together with the AP vouchers.
December 2022 Cash Payout details
| Property Ownership | Owns 0 to 1 Property | Owns more than 1 Property | |||
|---|---|---|---|---|---|
| Assessable Income (AI) | AI ≤ $22,000 | $22,000 < AI ≤ $34,000 | $34,000 < AI ≤ $100,000 | AI > $100,000 | All |
| Assurance Package | $200 | $200 | $150 | $100 | $100 |
| COL vouchers | $500 | $400 | $300 | - | - |
| How much will I get in total? | $700 | $600 | $400 | $100 | $100 |
Vouchers to be paid out in January 2023
Community Development Council (CDC) vouchers
Another round of CDC vouchers will be paid out to Singaporean households in January 2023.
CDC vouchers totalling $300, $200 under the Assurance Package and an additional $100 under the Cost-of-Living special payment, will be issued to each household and can be used at participating heartland shops, hawker centres and major supermarkets.
Additional GST voucher — U-Save
Eligible HDB households also will receive an additional GST voucher (GSTV) — U-Save rebate under the Assurance Package. This additional voucher will be on top of, and credited together with, the existing GSTV — U-Save.
Eligible HDB Households whose members do not own more than one property will receive:
| HDB Flat Type | 1 & 2 Room | 3 Room | 4 Room | 5 Room | Executive/ Multi Generational |
|---|---|---|---|---|---|
| Additional GSTV — U-Save | $95 | $85 | $75 | $65 | $55 |
| Existing GSTV — U-save | $95 | $85 | $75 | $65 | $55 |
| Total vouchers received | $190 | $170 | $150 | $130 | $110 |
GSTV — Service and Conservancy Charges (S&CC) Rebate
The government has also announced a GSTV — S&CC Rebate that will be included under the permanent GST Voucher scheme.
Eligible Singaporean households living in HDB flats with no private property ownership will be eligible for the following rebate:
| HDB Flat Type | 1 & 2 Room | 3 Room | 4 Room | 5 Room | Executive/ Multi Generational |
|---|---|---|---|---|---|
| Number of Months of S&CC Rebate | 1 | 0.5 | 0.5 | 0.5 | - |
How do I receive the vouchers?
There is no sign up necessary to receive the vouchers. The vouchers will directly be paid into your bank account via the your PayNow-NRIC.
Singaporeans are encouraged to link your NRIC to your PayNow account by Nov 20, 2022 in order to receive your AP and COL vouchers from as early as Dec 5, 2022.
If you have opted for bank crediting, the AP and COL vouchers will be dispersed to your bank account on Dec 12, 2022.
More information about the vouchers to be paid out in January 2023 will be available at a later date.
If you would like to find out exactly how much you are eligible for, you may visit the govpayouts website for more information.
ALSO READ: Check your amount now: Singaporeans to get up to $700 in December to offset GST hike and inflation
This article was first published in ValueChampion.