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The GST of 7% starts 1 July 2007.
To offset the GST increase there will be GST Credits which Singaporeans will have to sign up just once to qualify for all four years of GST Credits.
Payment will be in annual instalments with amounts given based on assessable income (AI) and the annual value (AV) of the person's home, which is used as a proxy for wealth.
Those who live in one- to three-room flats and have annual assessable incomes of $24,000 or less, will receive instalments of $250 per year over four years or $1,000.
The rest of the population will receive GST Credits of $800, paid out in $200 packages per year.
Those living in a home with annual value of more than $10,000, but with income of less than $100,000 a year, will receive $400 in GST Credits.
The top income group earning over $100,000 a year will get $100.
NSmen and NSFs, including those aged below 21, will also get an additional $100 of GST Credits, to recognise their contributions to national security.
Grants will be given to fully absorb the additional GST on subsidised healthcare services.
GST payable on school and miscellaneous fees, as well as fees and tuition grants at ITEs, polytechnics and universities will be absorbed by Government.
Town councils will absorb the additional GST payable on Service and Conservancy Charges.
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