In his speech, Finance Minister Lawrence Wong announced that the government will increase the GSTV quantum to $700 in 2023 from $500 previously for homes with annual values of $13,000 and below. The quantum will be upped to $800 from 2024.
Helping households tide through the high inflationary environment and the higher goods and services tax (GST) that was imposed in 2023 was one of the key points that were brought up during the Budget 2023.
One of the ways the government seeks to help is through a permanent GST voucher (GSTV) or GSTV scheme, which will help to defray costs permanently for lower- to middle-income Singaporeans.
