The last time GST hike was imposed here was in July 2007, when the rate went up from 5% to the current 7%. The 2-percentage increase to the GST took effect in the same year that it was announced.
Singapore’s Goods and Services Tax (GST) will be raised in two steps – with the first increase from the current 7% to 8% scheduled to take effect from Jan 1 2023.
The second increase from 8% to 9% will subsequently kick off on Jan 1 2024, Finance Minister Lawrence Wong announced in his Budget speech on Feb 18.
