THE Singapore government will raise the amount doled out in GST vouchers in coming years, to cushion the impact of the goods and services tax (GST) hike.

The GST voucher scheme applies to those with assessable incomes of up to S$34,000 and residing in homes with an annual value of up to S$21,000. The Ministry of Finance estimates it benefits about 1.5 million adult Singaporeans in August every year.

Those residing in homes with an annual value (AV) of S$13,000 and below can expect to receive S$700 in 2023, which is S$200 more than before. This amount will increase by $150 to S$850 from 2024 onwards.

Individuals living in homes with an AV of above S$13,000 and up to S$21,000 will receive S$350 in 2023 and S$450 from 2024 onwards.

“These enhancements to the permanent GSTV scheme ensure that most retirees as well as lower-income households will not be impacted by the GST rate increase,” Finance Minister Lawrence Wong said in his Budget speech in Parliament.