Singaporeans are set to receive additional support from the Government in the form of the GST Voucher (GSTV) in 2022. The GSTV will be disbursed in two parts, with one part consisting of a cash payout and the other part consisting of vouchers. This is part of the Government’s effort to help Singaporeans with additional financial support in the face of economic uncertainty.
GST Voucher Cash Payout
The cash payout component of the GSTV will be disbursed in two tranches. The first tranche will be disbursed in June 2022, where eligible Singaporeans will receive up to $700. The second tranche will be disbursed in December 2022, where eligible Singaporeans will receive up to $700.
The amount of cash payout received will depend on an individual’s assessable income and the number of members in the household. Those who have a lower assessable income and more members in the household will receive a higher amount of cash payout.
GST Voucher Voucher Payout
The voucher component of the GSTV will be disbursed in two tranches. The first tranche will be disbursed in June 2022, where eligible Singaporeans will receive up to $200 in vouchers. The second tranche will be disbursed in December 2022, where eligible Singaporeans will receive up to $200 in vouchers.
The vouchers can be used to offset the purchase of goods and services from participating merchants, and will be valid from 1 July 2022 to 31 December 2022.
Eligibility Criteria
In order to be eligible for the GSTV, applicants must meet the following criteria:
– Must be a Singaporean citizen
– Must be 21 years old and above
– Must have a valid NRIC
– Must have an assessable income of not more than $28,000 in the preceding year
– Must not be an undischarged bankrupt
Conclusion
The GSTV is a welcome relief for Singaporeans who are struggling financially due to the economic uncertainty resulting from the COVID-19 pandemic. The additional financial assistance will help to ease the burden of living costs and provide much-needed support to those who need it most.