About 1.5 million Singaporeans will receive up to S$850 in GST vouchers in August 2024. This includes an additional S$150 or S$100, announced during Budget 2023 by then-Deputy Prime Minister Lawrence Wong.
The GST Voucher scheme aids lower-income Singaporeans with living and GST expenses. This year’s increased payout, either S$850 or S$450, underscores the government’s support.
In this article, you’ll learn about the GST Voucher Scheme’s history, eligibility, payout dates, payment methods, and additional rebates. We’ll also guide you on checking your eligibility and applying for the GST Voucher to maximize your benefits.
What is the GST Voucher Scheme?
The GST Voucher Scheme was introduced by the Singapore government as part of a comprehensive strategy to help lower and middle-income Singaporeans cope with the impact of the Goods and Services Tax (GST). Launched in 2012, the scheme aims to provide financial support and alleviate the impact of GST on essential expenses for those who need it most.
The Ministry of Finance (MOF) highlighted that around 1.5 million Singaporeans are eligible for higher cash payouts as part of the annual GST scheme. As such, the GSTV fund, which was $530 million last year, has been significantly increased. For 2024, the fund has been approved to rise to $1.7 billion.
Components of the GST Voucher
The GST Voucher is comprised of several key components designed to provide comprehensive support:
1. GSTV-Cash
The main benefit of GST Voucher-Cash is to support the immediate needs of eligible lower-income Singaporeans. This cash payout is released every August, and recipients can receive it through PayNow-NRIC.
Singaporeans living in households with an Annual Value (AV) of up to S$21,000 are entitled to receive S$850 in 2024, reflecting an additional S$200 compared to the previous year. Those residing in households with an AV between S$21,000 and S$25,000 will receive S$450 in 2024, reflecting an increase of S$100.
To receive the GST Voucher cash in 2024, you must meet the following criteria:
- Be a Singapore citizen residing in Singapore.
- Aged 21 years and above as of 2024.
- Have an assessable income not exceeding S$34,000 for the year of assessment 2023.
- Have the Annual Value (AV) of your home, as indicated on your NRIC, not exceeding S$25,000 as of December 31, 2023.
- Own no more than one property.
2. Utilities-Save (U-Save)
The GSTV-U-save will assist about 950,000 Singaporean households residing in Housing and Development flats. To be eligible, check the following criteria:
- Must be a Singapore citizen residing in Singapore
- Every household must choose at least one person as the occupier, owner, or tenant of the HDB flats
- No household member is required to own more than one property
You can also use the U-save credits to settle your utility bills. You also need to remember that if your actual monthly bill is lower than the U-save rebate, the remaining balance is forwarded to the next monthly bill.
The good thing with GSTV-U-save is that you do not have to register or do anything. You will automatically get a U-Save rebate specifically on your utility bills the moment you qualify.
3. GST Voucher Medisave
Contributions to the MediSave accounts of older Singaporeans to help with their medical expenses. These funds are credited to the CPF MediSave accounts of eligible individuals.
With GST-Medisave, all elderly Singaporeans get a chance to benefit from it. Additionally, every eligible Singaporean will get their payout in August 2023. The GSTV-Medisave will help 575,000 seniors or elderly Singaporeans every August. To qualify for GSTV-Medisave, you have to meet the following criteria:
- Must be a Singapore citizen residing in the country
- Age 65 years and above
- Your residential address or home has a property not more than an Annual value (AV) of $21000
- You should not have more than one property
4. GSTV-Services and Conservancy Charges (S&CC) Rebate
Service and Conservancy Charges rebates to assist with the cost of maintaining common areas in HDB estates. These rebates help reduce the cost of maintaining and managing the common areas and facilities of HDB estates.
Budget 2024 states that S&CC rebates will continue to be a permanent fixture of the GSTV scheme. This measure ensures that approximately 950,000 eligible Singaporean households residing in Housing and Development Board (HDB) flats benefit annually.
Eligible households will receive 2.0 to 4.0 months of S&CC rebates throughout FY2024. The disbursement schedule for 2024 is as follows:
- April 2024: 0.5 to 1 month
- July 2024: 0.5 to 1 month
- October 2024: 0.5 to 1 month
- January 2025: 0.5 to 1 month (includes the B2024 COL S&CC Rebate)
To qualify for GSTV S&CC, you must meet the following criteria.
- Must be a Singapore citizen residing in the country
- Eligible households must contain at least one Singaporean as the occupier, owner, or tenant of the HDB flat
- Households must not own any private property or rent the entire flat. Also, no member of any family should not own personal property
Eligibility Criteria for GST Voucher 2024
To be eligible for the 2024 GST Voucher, Singaporean adults with an assessable income of up to S$34,000 who reside in homes with an annual value of up to S$21,000 will receive S$850.
Singaporeans eligible for the GSTV – Cash Payout must be:
- Citizenship and Residency: A Singaporean citizen residing in Singapore.
- Age Requirement: Aged 21 years and above in 2024.
- Annual Income Limit: Assessable income should not exceed S$34,000 for the year of assessment 2023.
- Annual Value (AV) of Home: The AV of the individual’s home, as of December 31, 2023, should not exceed S$21,000 for the full $850 payout and between S$21,000 and S$25,000 for the $450 payout.
- Property Ownership Limit: The individual must not own more than one property.
How Do I Check if I Get GST Money?
1. Previously Registered Individuals
If you are eligible for the 2024 GST Voucher (GSTV) – Cash and/or GSTV – MediSave and have previously registered for a government payout (such as the 2023 GSTV), you will automatically receive your 2024 GSTV – Cash and/or GSTV – MediSave in August 2024. No additional action is required from you.
To confirm your prior registration status, you can log in to the GSTV e-services.
2. New Sign-Ups
If you are eligible for the 2024 GSTV and have not registered before, you must sign up by June 20, 2025, via the GSTV e-services to ensure timely receipt of your benefits.
3. Receiving Your Benefits Early
To receive your benefits sooner, link your NRIC to PayNow through any participating bank, including:
- Bank of China
- CIMB
- Citibank
- DBS Bank/POSB
- HSBC Bank
- ICBC
- Maybank
- OCBC Bank
- RHB Bank
- Standard Chartered Bank
- Trust Bank
- UOB Bank.
If your NRIC is not linked to PayNow, the payment will be credited to your previously used bank account or via GovCash.
4. Bank Transfer Option
If you do not have a PayNow-NRIC-linked bank account but have previously provided your DBS/POSB, OCBC, or UOB bank account number to the government, the payment will be credited to that account.
GST Voucher Payout Dates for 2024
The government payout, released in January, April, July, and October 2024, will entail U-Save payments up to S$950 for the fiscal year 2024. Eligible households will automatically receive these quarterly rebates, credited directly to their utilities accounts managed by SP Services Limited. Any unused U-Save rebates will be rolled over to help offset future utilities bills.
GST Voucher cash payout will be issued from August and GSTV- Medisave. Then by Sept, the government will release U-save special payment for eligible Singaporeans – finally, July, October, and Jan 2024. Singaporeans households can enjoy GSTV-S&CC rebates.
Each eligible household’s rebates start from S$550 to S$950, considering the flat type.
The government payout for the GST Voucher Scheme in 2024 includes several components to support eligible Singaporeans:
Cash Payout
(source: govbenefits.gov.sg)
- PayNow-NRIC: From 1 August 2024
- Bank Crediting: From 12 August 2024
- GovCash: From 22 August 2024
U-Save and S&CC Rebates
Eligible households will receive their quarterly GSTV – U-Save rebates automatically in January, April, July, and October 2024. Notifications will be sent through the SP app or hardcopy inserts with their utility bills.
Eligible Singaporean households living in HDB flats will receive their GSTV – S&CC Rebates in January, April, July, and October 2024.
MediSave
(source: govbenefits.gov.sg)
- Credit to CPF MediSave Account: From 1 August 2024 for those signed up for government benefits previously.
- For new sign-ups, credit will be made by the end of the following month after sign-up, starting from September 2024.
Enhanced Cash Payouts in 2024
In 2024, the Singaporean government will significantly increase the GST Voucher (GSTV) cash payouts to provide enhanced financial support to eligible citizens.
Eligible Singaporeans can receive up to S$850 in cash payouts, a substantial increase aimed at alleviating financial pressures and supporting the cost of living.
Here is a detailed breakdown:
| GSTV- Cash 2024 | Eligibility | # of Properties Owned | AV of Property | Combined Household Monthly Income | CPF Retirement Savings |
| S$850 | Singaporeans Aged 21 Years and Above in Reference Year With AI of $34,000 and Below in YA2022 | 0 to 1 | AV ≤ $21,000 | $1,200 or less | $60,000 or less per household member aged 55 and above |
| S$450 | $21,000 < AV ≤ $25,000 | $2,000 or less | ≤ $115,000 or less per household member aged 55 and above |
GST Voucher – MediSave Amount
| Age of Singaporean in 2024
(Payout Happening in Aug 2024) |
Owns 0 to 1 Property |
|
| AV ≤ $13,000 | $13,000 < AV ≤ $25,000 | |
| 65 to 74 | $250 | $150 |
| 75 to 84 | $350 | $250 |
| 85 and above | $450 | $350 |
Additional Rebates and Payments
U-Save Special Payment
To help mitigate the effects of rising carbon taxes and water prices, eligible households will receive an additional S$20 per quarter in U-Save rebates from January 2024 to December 2025.
This translates to an extra S$80 per year over two years, significantly easing the burden of utility costs. These supplementary U-Save rebates will be credited alongside the regular GSTV – U-Save payments, which are disbursed in January, April, July, and October.
(source: Ministry of Finance)
One-off 0.5 Months of S&CC Rebate
As part of a broader support initiative aimed at easing the cost of living, eligible households will be granted a one-off 0.5-month S&CC rebate in January 2024. This rebate is intended to further reduce financial pressures by assisting with the costs of maintaining communal areas in HDB estates, providing additional relief to Singaporean households.
(source: Ministry of Finance)
How to Apply for the GST Voucher
If you have received the GST Voucher in previous years and meet the revised criteria for 2024, you will automatically be eligible for the GST Voucher this year. No additional action is required on your part, and you will receive your benefits according to the specified schedule.
Registration Process for New Applicants
For those who have not previously signed up for the GST Voucher, you will need to register through the GSTV e-services portal. The registration process is straightforward:
- Visit the GSTV e-services portal.
- Log in with your Singpass credentials.
- Follow the instructions to complete your registration by the specified deadline (20 June 2025 for 2024 benefits).
Updating Details for Changes
If you have experienced changes in your income, address, or bank account information, it is important to update your details to ensure you receive your GST Voucher benefits without any issues. To update your information:
- Log in to the GSTV e-services portal with your Singpass.
- Navigate to the section for updating personal details.
- Make the necessary changes and save your updated information.
By keeping your details current, you can ensure that you receive the full benefits of the GST Voucher scheme without any delays or complications.
Conclusion
The GST Voucher Scheme in 2024 will provide significant financial relief to around 1.5 million Singaporeans, with increased payouts of up to S$850. These enhanced benefits reflect the government’s commitment to supporting lower and middle-income households amidst rising living costs.
Key Takeaways
- The GSTV scheme is an initiative created by the Singaporean government that aims to help low and middle-income Singaporeans cope with the higher inflation of goods and services and cushion the impact of the GST hike.
- Eligible Singaporeans will receive up to S$850, an increase aimed at providing greater financial support to lower and middle-income households.
- Provided you are eligible for this scheme, you can freely get four different GSTV components during the year. They include; GSTV-Medisave, GSTV-cash, GSTV-U-save, and GSTV- S&CC-Services and Conservancy Charges Rebate.
Need immediate cash for a personal emergency? Instant Loan provides you with three complimentary quotes from leading banks. Easily request loan quotes now to compare your options and make an informed decision.
