Check the details about GST Voucher 2024 Payout Date, Eligibility Check, How Much Will I Get? All We Know Here. The Singapore Government have announced to release of the GST Voucher 2024 by August. The citizens who have not applied for the benefit should hurry up and fill out the forms. We have shared the details about the Payout dates and the eligibility for receiving the paychecks.
GST Voucher 2024 Payout Date
The new year has started with much good news for the citizens of Singapore. In the last two months, around 950,000 households have hit the jackpot with the rebate of the USave and the SSC. The amount for the USave is expected to be increased by 2 per cent from this month.
Due to the hike in the carbon and fuel tax rates in the upcoming years, the GST Voucher is expected to be increased by 7.5 per cent in the next two years. the enchanted payout for GSTV in 2023 was $700. The amount is expected to be $850 this year. The Government follows the policy of “if you invest more money, you will receive more returns”. The payouts are disbursed in August Every year.
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What is a GSTV?
The financial assistance provided by the authorities helps the citizens with the increased consumer prices of goods and services. The GST voucher will help the citizens to reduce the taxes on the goods to some extent. The amount for the GSTV is discrete in the territory of the country and depends upon the cost of expenditure in the region.
The Voucher is set to increase from 8 to 9 per cent in April 2024. The scheme comprises four major categories including Cash, MediSave, USave and Service and Consumer Charge. The fund for the GSTV of the previous year was $530 million. The enhancement in the fund has been approved and the fund is raised to $1.7 billion in 2024.
Eligibility Check For GSTV 2024
Singaporeans must follow certain criteria to receive the benefit amount. We have discussed all the eligibility criteria in the below section:
- Age Limit – The individual should be between 21 years and pension age.
- Citizenship – The candidates should have a permanent citizenship certificate of Singapore.
- The discipline to work and stay in Singapore is that they must have the visa atleast for 3 years.
- Annual Value of Home and Income – The AV of the home properties should not exceed the limit of $21,000. The Assessable Income of the applicant should be $34,000.
Individuals should not have property taxes for more than one house. The citizens who are receiving the other allowance payments will not be able to receive the voucher.
How Much Will I Get In GST Voucher 2024?
The amount of the voucher depends upon the category of the GST charges. The complete detail about the amount and the category is discussed in the below section:
| Annual Income | Up to $S 2100 | Above $S 2100 | ||
| Disbursement Period | Age between 55 and 64 | Age between 65 and above 64 | Age between 55 and 64 | Age between 65 and above |
| February 2024 | $S250 | $S300 | $S200 | $S200 |
| February 2025 | $S250 | $S300 | $S200 | $S200 |
Additional GST Voucher U-Save
Eligible Homeowners who do not have any property taxes to be paid are eligible to receive the U-Save Rebate under the Assurance Package.
| HBD Flat type | 1 and 2 bedroom | 3 and 4 bedroom | 5 bedroom | Executive room |
| Addtiuoanl GST-Vocher | $S95 | $S85 | $S65 | $S55 |
| Existing Voucher | $S95 | $S85 | $S65 | $S55 |
| Total Voucher | $S190 | $S170 | $S130 | $S110 |
The payment dates for each category are expected to be released in August 2024. The amount will be disbursed on different dates to avoid confusion among the candidates.
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The payout date for the cash option chosen by the applicants will receive the amount as following days:
PayNow NRIC Bank Account Linked- 1st August 2024
Bank Crediting- 11th August 2024
GovCash- 21st August 2024
Although the deposits of the case are expected to be scheduled by 21st August. The individuals should wait till 30st April 2024 to sign up to receive the paychecks.
All We Know About GST Voucher 2024
The biggest change will be noticed in the enhanced cash payout. The eligible Singaporeans will receive the increased amount of $S450 to $S850 in Cash. This amount was $S350 to $S700 in the previous Year. The applicants hurry out to link the NRIC to their bank accounts to receive the early deposit.