Hey! Psst! You there! Could I interest you in free money?
The gahmen is giving out S$1.4 billion in support as part of their GST Voucher (GSTV) scheme, as seen in this Ministry of Finance (MOF) press release.
Unfortunately, not all S$1.4 billion is going to the person who deserves it most, that being me.
Instead, they’re split between GSTV – Cash, which comes in the life-saving plastic notes form, and GSTV – MediSave, which may be some invisible eldritch being.
GST Cash Payouts of S$850 and S$450
The cash payouts from GSTV – Cash will then be split amongst 1.5 million eligible adult Singaporeans.
Those residing in homes with Annual Values of S$13,000 and below will get S$850 in cash, while the slightly richer folk in homes with Annual Values of above S$13,000 to S$21,000 will get S$450.
However, your assessable income should be below $34,000 for the Year of Assessment 2023.
These are respectively S$150 and S$100 more than last year’s GST Voucher scheme payout.
Anyone with more valued homes than that gets a consolation prize of nothing.
But why is it that the government is handing out free cash? What’s the catch?
Well, dear reader, do you remember the apocalyptic event that was GST rising from 7% to 8% in 2023 and then to 9% this year?
Since nearly all purchases get more expensive, this affects lower-income households the most. The payout is meant to help cover the amount they spend on GST that year.
To check if you’re poor- I mean to check if you’re eligible for this free cash, log in with your Singpass at govbenefits.gov.sg. Eligible Singaporeans will get their money if they’ve signed up for the disbursement schemes.
What? You are eligible but have not signed up? Don’t worry, go the the govbenefits website linked in the previous paragraph and do it there by 9 July 2024 to receive your sweet S$450 or S$850 payout in August.
Congrats, you can now buy 1/100th of a car.
How will you get the GST cash payouts though? You can actually get the money as early as 1 August 2024 by linking your NRIC to PayNow. Register for the creatively named PayNow-NRIC with your bank by 22 July 2024.
Opting for GIRO payment will put your payout date on 12 August onwards. If you have neither, you’ll get it through GovCash, retrievable at any OCBC ATM in Singapore. You’ll get it latest of all, from 22 August onwards.
If you didn’t register for the disbursement schemes by 9 July 2024 though, you have to pay 1,000% GST. Nah, just kidding. If you sign up between 10 July to 20 June 2025, you’ll just get your cash the following month from then.
For more information, you can refer to the press release or call 1800-2222-888.
Hopefully next year, the government will get their finances in order and award me all the money.
