Singaporean households which are living in Housing and Development Board ( HDB) flats will be soon to receive their next instalment of the GST Voucher.
880000 households will receive the Utilities-Save (U-Save) refund announced the Ministry of Finance on Monday (October 2).
This month, fitting Singapore households will each be given a GST voucher, U-Save of up to S$95 depending on the type of their HDB flat. This news was announced in a press release from the ministry
The U-save refund is one amongst the three components which fall under the GST voucher scheme.
Its aim is to help HDB households and owners, and lighten their burden when it comes to overall household expenses.
U-save is expected to cost S$265 million over four quarters, starting from July 2017.
The Goods and Services Tax (GST) is a tax on domestic consumption. The tax is paid when money is spent on goods or services, including imports. It is a tax on the value added at every stage of the production and distribution chain.
The permanent GST Voucher scheme was introduced by the Government in Budget 2012 to help lower-income Singaporeans. It is made up of three components; GST Voucher – Cash , Medisave and U-Save .
In 2016, about 1.3 million eligible Singaporeans received up to $500 in GST Voucher – Cash. In addition, about 425,000 elderly Singaporeans received the GST Voucher – Medisave of up to $450, while about 840,000 households received utility rebates of up to $260 from the GST Voucher-U-Save.