Singapore Government will pay S$280 million of GST to eligible citizens

National - Pavan Pandey - Nov 17,2016

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singapore govt will pay 280 million of gst to eligible citizens

The Singapore government will be paying a total of S$280 million to authorized citizens for GSTV (The Goods and Services Tax Voucher) in the month of November.

According to The Ministry of Finance (MOF) statement, eligible GST Voucher money citizens will receive a one-off GST Voucher Cash special payment of up to $200, on highest of the regular GST Voucher Cash payments and formerly signed for GST Voucher or previous government payout structures, and who have received up to S$300 in the month of August this year. Individuals who are eligible not need to take an action to receive the payouts.  

This additional payout was stated by Singapore’s Finance Minister Mr. Heng Swee Keat during the 2016 budget and its purpose to support families among the present economic circumstances. The Ministry of Finance has similarly delivered a reminder for Singapore citizens authorized for the GST voucher Cash but have so far to sign to do so by December 31, 2016. The Ministry of Finance had sent a letter in June this year notifying them of their profits and another reminder letter will be sent by MOF in the early month of November. 

According to the MOF statement, they have also reminded those citizens who are authorized but haven’t signed up for this profit of GST Voucher. By including this GST Voucher, the eligible citizens of Singapore can get a sum of S$890 million GST Vouchers and Medisave (National medical savings account system only for Singaporeans) Top-Ups in this year. This payout will be the second payout after up to S$300 cash given by Singapore government to almost 1.3 million of Singapore citizens in the month of August in this year.