The Goods and Services Tax (GST) Voucher is a scheme that provides cash payouts and other benefits to Singaporean citizens to help them manage the cost of living. The Voucher is funded by the government and administered by the Ministry of Finance.
Eligibility for the GST Voucher
To qualify for the Voucher, you must be an individual taxpayer who has paid GST in the past three years. You must also be a Singapore Citizen or Permanent Resident aged 21 and above.
Types of GST Voucher
The GST Voucher consists of three components:
Cash payouts are given to eligible recipients in three installments each year, usually in August, November and January. The amount of cash payouts varies according to the recipient’s income and other factors.
The Utility-Save Programme provides eligible recipients with subsidies for their electricity and water bills. The amount of subsidies varies according to the recipient’s income and type of housing.
Eligible recipients can receive MediSave Top-Ups each year. The amount of MediSave Top-Ups varies according to the recipient’s age and income.
How to Apply for the GST Voucher
Applications for the GST Voucher can be done online via the Ministry of Finance’s website. Applicants must provide information about their income, type of housing, and other personal details.
How the GST Voucher Can Help You Save Money
The GST Voucher can help eligible recipients save money in several ways. First, the cash payouts can help them to manage their day-to-day expenses. Second, the Utility-Save Programme can help them to reduce their electricity and water bills. Lastly, the MediSave Top-Ups can help them to save for their medical expenses in the future.
The GST Voucher is an effective way for Singaporean citizens to save money and manage their cost of living. If you are eligible for the Voucher, it is worth applying for it to make use of the cash payouts, Utility-Save Programme and MediSave Top-Ups.