This program offers $850 in financial support to qualifying individuals, and the Singapore GST Voucher 2024 is set to rise from 8% to 9% to address the increasing cost of living. Payments will be sent to the selected methods in August 2024 for those who have opted for automatic payment.
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Confirmed GST Vouchers in August for Singaporeans
More details about the Confirmed GST Vouchers in August for Singaporeans: Amount, Eligibility, and Payment Dates can be found here. The Singapore government has announced that the GST Voucher will be distributed to eligible individuals by the end of August. This section provides comprehensive information on eligibility requirements, how to file a claim, and the expected payment dates.
Starting in 2024, the enhanced GSTV Program is designed to provide substantial support to low-income Singaporeans. The government aims to assist vulnerable groups in managing the rising cost of living by adjusting payment methods and ensuring timely distribution to the right recipients. Continue reading for more information on GST Vouchers.
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GST Voucher 2024 Amount
GST Voucher 2024 Amount The value of the voucher depends on the GST charge category. The following section provides detailed information on the amounts and categories:
| Annual Income | Up to $S 2100 | Above $S 2100 |
|---|---|---|
| Disbursement Period | Age 55-64 | Age 65 and above |
| February 2024 | $S250 | $S300 |
| February 2025 | $S250 | $S300 |
Additional GST Voucher U-Save
To be eligible for the U-Save Rebate as part of the Assurance Package, homeowners must not have any outstanding property taxes. Individuals are advised to refrain from registering for payment until April 30, 2024.
| HBD Flat Type | 1 and 2 Bedroom | 3 and 4 Bedroom | 5 Bedroom | Executive Room |
|---|---|---|---|---|
| Additional GST-Voucher | $S95 | $S85 | $S65 | $S55 |
| Existing Voucher | $S95 | $S85 | $S65 | $S55 |
| Total Voucher | $S190 | $S170 | $S130 | $S110 |
We expect to announce the payment dates for each category in August 2024. To avoid confusion among applicants, the disbursements will occur on different dates. It is anticipated that deposits will be arranged by August 21st.
How to apply for the GST voucher 2024?
The good news is that most people won’t need to apply for the GST Voucher in 2024. If you qualified for the GST Voucher in 2023 or earlier and meet the updated eligibility criteria for 2024, the enhanced cash payouts will be automatically credited to you in August 2024.
However, you may need to take action in the following situations:
- Register for the GST Voucher via the GSTV e-services portal by April 30, 2024, if you are a Singaporean citizen or permanent resident aged 21 or older, with an annual income not exceeding $34,000 in 2022, and the AV of your home does not exceed $21,000. The portal can be accessed at https://www.gstvoucher.gov.sg/.
- Update your contact information, bank account details, or property ownership status using the same GSTV e-services portal by April 30, 2024, if there have been any changes since your last registration. This ensures that you receive your payments correctly.
- Ensure that you file your income tax for the YA 2023 before the deadline to avoid delays in receiving your GSTV cash.
Eligibility Check For GSTV 2024
The amount of the reward depends on whether Singaporeans meet certain criteria. Below, we have detailed all the eligibility requirements:
- Age Limit – The minimum age to apply is 21, and the maximum is the retirement age.
- Singaporean Citizenship – All applicants must hold a valid Singapore permanent resident certificate.
- Residence and Work – Applicants must hold a visa that allows them to work and live in Singapore for at least three years.
- Annual Value of Home and Income – The AV of the residential property must not exceed $21,000, and the applicant’s assessable income must be $34,000 or less.
GST Voucher 2024 Payout Date
Your GSTV cash payment is expected to be disbursed between August 1st and 21st, 2024, depending on the payment method you have selected.
To remind you, the deadline to register for the GSTV or update your payment details through the GSTV e-services portal is April 30, 2024, even though payments begin in August.
The most significant change for 2024 is the increase in cash payouts. In 2024, eligible Singaporeans could receive between $350 and $700, compared to up to $450 to $850 this year.
A greater portion of the benefits will be directed toward lower-income households under the continued tiered payout system.
How You Will Receive the GST Voucher
The GST voucher distribution process has several components:
- The fastest and most recommended method: The PayNow-NRIC linked bank account. If you link your NRIC to a PayNow account at a participating bank in Singapore, your GSTV cash will be credited on August 1, 2024.
- Bank credit: On August 11, 2024, your GSTV cash will be deposited into your bank account if you have provided the government with your DBS/POSB, OCBC, or UOB bank account details.
- GovCash: Your GSTV-Cash will be credited to your GovCash account on August 21, 2024, if you do not have a PayNow-NRIC linked bank account or have not provided your bank account information. You can then withdraw the cash at any OCBC ATM on the island.