To help Singaporeans cope with the impact of the GST increase, the GST Credits was established in 2007. The final payout for GST Credits and Senior Citizens’ Bonus will be received by Singaporeans on 1 July 2010. From the GST Offset Package, Singaporeans will also receive U-Save, Services & Conservancy Charges (S&CC) and rental rebates. Here is provided detailed information regarding 2010 GST Credits and GST Credits Singapore given on its official website at www.GSTOffset.gov.sg.
What is GST Credit?
The GST (Goods and Service Tax) credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset all or part of the GST that they pay.
GST Credits of up to $1,000 over 4 years would be received to all adult Singaporean was announced in budget 2007. Those who receive less or live in smaller homes will get more GST Credits.
GST Offset Package
For nearly 5 years, The GST Offset Package will cost the government $4 billion. It consists of other schemes like the GST Credits, Senior Citizens' Bonus, U-Save rebates and Top-Ups to Post-Secondary Education Accounts schemes.
Senior Citizens' Bonus
An additional payout given to the elderly is The Senior Citizens' Bonus to help them with their retirement and healthcare requirements and identify them for their contributions to Singapore's economic progress. During the economic decline in 2009, to help Singaporeans cope with living everyday expenditure, the Government had doubled the sum of GST Credits and Senior Citizens’ Bonus as part of the Resilience Package and enhanced the rebates for Service and Conservancy Charges (S&CC) and rental.
It was announced in Budget 2007 that lower-income elderly aged 55 and over, with an annual income of $100,000 or less, would be given Senior Citizens' Bonus of $200 to $1,000 above 4 years. Two-thirds of the Senior Citizens' Bonus would receive in cash and one-third credited to their Medisave Accounts.
Eligibility: Who can obtain GST Credits?
To get GST Credits, you must:
- Be a Singapore citizen;
- Be aged 21 or above in the year of payout; and
- Sign up by 31 December of the year of payout.
- To receive your GST Credits for that year and subsequent years that you qualify, you only need to sign up once.
2010 GST Credits
If you have signed up for the GST Credits earlier, then you do not require signing up again. You only need to sign up once to receive your GST Credits/Senior Citizens' Bonus. Please note that there is no separate sign-up for Senior Citizens' Bonus is required.
Singaporeans may sign up for their 2010 GST Credits by the following ways:
- Through the internet, by www.gstoffset.gov.sg
- Fill up the GST/1 form available at any CC, CDC or CPF Service Centre
- All forms should reach CPF Board
- Please visit www.gstoffset.gov.sg or call the CPF Board at 1800-2222-888 for more information on the GST Offset Package.
When you will receive GST Credits and Senior Citizens’ Bonus?
If you sign up by 18 June 2010, then you can get your 2010 GST Credits, along with the Senior Citizens' Bonus (where eligible) on 1 July 2010. If you miss the June 2010 deadline, then you have until 31 December 2010 to sign up for your 2010 GST Credits/Senior Citizens' Bonus. You will receive your GST Credits/Senior Citizens' Bonus between 4 to 15 working days after the sign-up in this case, depending on your mode of sign-up:
|Sign-up Mode||For signups after the June 2010 deadline, you will receive your GST Credits/Senior Citizens' Bonus within:|
|Online: (www.gstoffset.gov.sg)||4 working days|
(for crediting to bank account)
|Hard copy forms||10 working days|
(for crediting to bank account)
15 working days
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