Budget 2022 – GST TO INCREASE TO 9% IN TWO STAGES

21/02/2022

GST TO INCREASE TO 8% ON 1 JAN 2023, AND TO 9% ON 1 JAN 2024

Government fees and charges will not be increased for a year from Jan 1, 2023.
CDC vouchers $200 per household in 2023, and another $200 per household in 2024.
All Singaporeans children and seniors will receive MediSave top-ups worth $450 over the next three years
ASSURANCE PACKAGE & PERMANENT GSTV SCHEME ENHANCED:
1. Singaporeans aged 21 and above will get cash payouts of $700-$1,600 over five years
  - The first payment will be made in December 2022, with the exact amount dependant on a person’s income and property ownership status.
2. Eligible seniors will also get an additional $600 to $900 in GST vouchers over the next three years from 2023 to 2025.
3. GSTV increased
  - Eligible HDB households will get additional $330 to $570 GST Voucher U-Save utilities rebates for the next four years, depending on their flat type.
  - This will be credited from January 2023 along with the regular GST Voucher U-Save rebate.
4. Quantum of GSTV increased for lower-income households
  - When payouts from the Assurance Package end in 2026, the beefed-up GST voucher scheme will continue to offset expenses for lower-income and retiree households.
  - The assessable income threshold for GST vouchers will also go up from $28,000 to $34,000
  - GST cash voucher payouts under the scheme will go up to between $250 and $500 from $150-$300 presently, with the exact amount depending on the value of one’s home.
5. Service & CC rebates
  - Service and conservancy charges (S&CC) rebate of 1.5 to 3.5 months of S&CC charges to become permanent part of GST Voucher scheme
  - Apply to Singaporean households living in HDB flats
  - Will be paid out in four tranches starting in April.