This program provides $850 in financial aid to those who qualify, and the Singapore GST Voucher 2024 is set to increase from 8% to 9% to account for the growing cost of living. Payouts will be sent to the designated methods in August 2024 for those who have selected automatic payment.
Singapore GST Voucher 2024
Cash payments and healthcare savings top-ups are forms of financial help. This program provides $850 in financial aid to those who qualify, and the Singapore GST Voucher 2024 is set to increase from 8% to 9% to account for the growing cost of living.
Those on lower incomes may feel the pinch of the growing cost of living more acutely, but the Singapore GST Voucher 2024 may help alleviate some of that burden.
You need to be a Singaporean citizen or permanent resident, have an income of no more than S$34,000, and have an AV of less than S$21,000 to qualify for a Singaporean goods and services tax voucher. You must also be between the ages of 21 and the current retirement age.
GST Voucher 2024 Amount
The voucher’s value is proportional to the GST charge category. The next section goes into depth on the quantity and category:
| Annual Income | Up to $S 2100 | Above $S 2100 | ||
| Disbursement Period | Age between 55 and 64 | Age between 65 and above 64 | Age between 55 and 64 | Age between 65 and above |
| February 2024 | $S250 | $S300 | $S200 | $S200 |
| February 2025 | $S250 | $S300 | $S200 | $S200 |
Additional GST Voucher U-Save
To qualify for the U-Save Rebate as part of the Assurance Package, homeowners must not owe any property taxes. Individuals are requested to hold off on signing up to receive paychecks until April 30, 2024.
| HBD Flat type | 1 and 2 bedroom | 3 and 4 bedroom | 5 bedroom | Executive room |
| Addtiuoanl GST-Vocher | $S95 | $S85 | $S65 | $S55 |
| Existing Voucher | $S95 | $S85 | $S65 | $S55 |
| Total Voucher | $S190 | $S170 | $S130 | $S110 |
We anticipate releasing the payment dates for each category in August 2024. To prevent the applicants from being confused, the money will be distributed on several occasions. It is anticipated that the deposits for the case will be arranged by August 21st.
How to apply for the GST voucher 2024?
The beneficial news is that, in most cases, the GST Voucher will not be required in 2024. The improved cash rewards will be automatically sent to you in August 2024 if you qualified for the GST Voucher in 2023 or earlier and met the updated eligibility conditions for 2024.
But you may have to do anything in these situations:
- Register for the GST Voucher through the GSTV e-services portal by 30 April 2024 if you are a Singaporean citizen or permanent resident aged 21 or older, with an annual income in 2022 not exceeding $34,000 and an AV of your home not exceeding $21,000, and you have never done so before. The portal can be accessed at https://www.gstvoucher.gov.sg/.
- Make sure you update your contact information, bank account data, or property ownership status using the same GSTV e-services site by 30 April 2024 if there have been any changes since your previous registration. This will guarantee that you get your payments correctly.
- Please make sure you submit your income tax for the YA 2023 before the deadline to prevent any delays in obtaining your GSTV cash.
Eligibility Check For GSTV 2024
The reward amount is contingent upon Singaporeans meeting certain requirements. Below, we have outlined all of the requirements for eligibility:
- Age Limit –The minimum age to apply is 21 and the maximum is pension age.
- Singaporean citizenship_ All applicants must have a valid Singaporean permanent resident certificate.
- To work and reside in Singapore, one must possess a visa valid for a minimum of three years.
- Annual Value of Home and Income –The AV of the residential properties cannot surpass $21,000. The candidate had to have an assessable income of $34,000.
GST Voucher 2024 Payout Date
Your GSTV cash payment is expected to be processed between August 1st and 21st, 2024, depending on the method you choose.
To remind you, the deadline to enroll in the GSTV or amend your payment details via the GSTV e-services site is 30 April 2024, even if disbursements start in August.
The most notable modification for the year 2024 is the rise in cash rewards. In 2024, eligible Singaporeans might earn $350 to $700, while this year they could receive up to $450 to $850.
A bigger share of the benefits will go to lower-income families under the continued usage of the tiered payout system.
How You Will Receive the GST Voucher
There are many parts to the GST voucher distribution process:
- The fastest and most recommended method: The payNow-NRIC connected bank account. When you connect your NRIC to a PayNow account at a Singaporean or international bank that participates in the PayNow-GIRO program, you’ll get your GSTV cash on August 1, 2024.
- Bank credit: On August 11, 2024, your GSTV cash will be deposited into your bank account if you have given the government the information of your DBS/POSB, OCBC, or UOB bank account.
- GovCash: Your GSTV-Cash will be deposited into your GovCash account on August 21, 2024, unless you have a PayNow-NRIC connected bank account or have not supplied your bank account information. After that, you may get your hands on the cash at any of the island’s OCBC ATMs.
I want to know my GSTV 2024 and 2025 amounts only. Thanks.