he 2% increase in GST will not be implemented in 2021 keeping in mind the current state of the economy. However, the GST increase will still be needed by 2025, and the government will assess the appropriate time to announce it.
When the GST is raised, Singaporeans will be provided a $6 billion Assurance Package. This $6 billion will be set aside to cushion the impact of the GST increase. Households wIll receive offsets equivalent of 5 years worth of additional GST expenses incurred. Low-income households will receive offsets equivalent of 10 years worth of additional GST expenses incurred.
Singaporeans living in 1- to 3-room HDB flats will receive offsets equivalent to about 10 years worth of additional GST expenses incurred.
