The Cash component offers financial assistance, with enhanced cash payouts of up to $850 in 2024 to help lower-income Singaporeans with their daily living expenses.
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GST Voucher 2024
Singapore’s GST is set to increase from 8% to 9% on 1 January 2024. To help lower-income Singaporeans cope with the rising cost of living, the government has enhanced the GST Voucher (GSTV) scheme for 2024.
The scheme encompasses four key areas, including Cash, MediSave, U-Save, and Service and Conservancy Charges (S&CC) rebates.
The Cash component offers financial assistance, with enhanced cash payouts of up to $850 in 2024 to help lower-income Singaporeans with their daily living expenses.
GST Voucher 2024 Payout date
The payout date for the GST Voucher 2024 cash component will depend on your chosen payment method:
- PayNow-NRIC linked bank account: 1 August 2024
- Bank crediting: 11 August 2024
- GovCash: 21 August 2024
Therefore, depending on your preferred method, you can expect to receive your GSTV-Cash payout sometime between 1st and 21st August 2024.
Remember, even though the payouts begin in August, you have until 30 April 2024 to sign up for the GSTV or update your payment information through the GSTV e-services portal.
Enhanced Cash Payouts:
- The biggest change for 2024 is the increased cash payouts.
- Eligible Singaporeans will receive up to $450 to $850 in cash, compared to $350 to $700 in 2023.
- The tiered payout structure remains, with lower-income households receiving a larger proportion of the benefits.
GST Voucher 2024 Eligibility
To be eligible for the GSTV-Cash in 2024, you must meet the following criteria:
- Citizenship and Residency: You must be a Singapore Citizen or Permanent Resident residing in Singapore as of 31 December 2023.
- Age: You must be aged 21 or above in 2024.
- Income: Your annual income in 2022 assessed by IRAS (Assessable Income) for the Year of Assessment (YA) 2023 must not exceed $34,000.
- Annual Value of Home; The Annual Value (AV) of your home, as indicated on your NRIC, must not exceed $21,000.
- Property Ownership: You must not own more than one property.
How to apply for the GST voucher 2024?
The good news is you don’t typically need to apply for the GST Voucher in 2024! If you were previously eligible for the GST Voucher (in 2023 or before) and meet the revised eligibility criteria for 2024, you will automatically receive the enhanced cash payouts in August 2024.
However, in the following cases, you might need to take some action:
You are new to the scheme:
- If you are a Singapore Citizen/PR aged 21 or above in 2024 with annual income in 2022 not exceeding $34,000 and an AV of your home not exceeding $21,000, but never signed up for the GST Voucher before, you can register through the GSTV e-services portal by 30 April 2024: https://www.gstvoucher.gov.sg/
Your details have changed:
- If your contact information, bank account details, or property ownership status have changed since your last registration, you need to update them through the same GSTV e-services portal by 30 April 2024 to ensure you receive the payouts accurately.
You haven’t filed your income tax:
- If you haven’t filed your income tax for the YA 2023 yet, ensure to do so by the deadline to avoid delays in receiving your GSTV-Cash.
GST Voucher 2024 Payment Methods
The GST Voucher 2024 cash component can be received through three convenient payment methods:
- PayNow-NRIC linked bank account: This is the fastest and most recommended method. If you have your NRIC linked to a PayNow account with a local or foreign PayNow-GIRO-participating bank in Singapore, you will receive your GSTV-Cash directly into your bank account on 1 August 2024.
- Bank credit: If you have provided your DBS/POSB, OCBC, or UOB bank account details to the government, your GSTV-Cash will be credited to your bank account on 11 August 2024.
- GovCash: If you do not have a PayNow-NRIC linked bank account or haven’t provided your bank account details, your GSTV-Cash will be credited to your GovCash account on 21 August 2024. You can then withdraw your cash from any OCBC ATM islandwide.
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