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Thread: Govt earned $990m more from 2-point GST hike

  1. #1
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    Default Govt earned $990m more from 2-point GST hike

    Quote Originally Posted by www.straitstimes.com
    Govt earned $990m more from 2-point GST hike
    THE Government earned an extra $990 million last year from the two-percentage point hike in Goods and Services Tax (GST).

    The bulk - $540 million - came from local consumer spending, while the remainder was from foreigners.
    A large portion of the collection went back to Singaporeans.
    They received a total of $630 million in cash to offset the GST increase to 7 per cent last July. With other measures like utility rebates to help people adjust to paying more GST, the Government will spend $1.17 billion by the end of fiscal year (FY) 2007 on March 31 this year.
    .......
    The 2% GST was only through a period of half year, so this full year will be around 2 billions or 2,000 millions GST tax income for govn? yet only 630 millions or around 1/3 in cash are used to help poor people offset GST increase? Just wonder is this cash rebate thing to offset GST increase still availble this year or the following years or not???
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    Default Re: Govt earned $990m more from 2-point GST hike

    if every year rebate then i don't think there's a point to increase the 2% in the first place. The 'rebate' was meant to 'ease' the people into the hike.
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    Senior Member StrifeYun's Avatar
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    Default Re: Govt earned $990m more from 2-point GST hike

    time to join the govie investment firms !!! haha
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    Default Re: Govt earned $990m more from 2-point GST hike

    Quote Originally Posted by StrifeYun View Post
    time to join the govie investment firms !!! haha
    do you think you are qualified to join them? I not, that's why I still in this forum.

  5. #5
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    Default Re: Govt earned $990m more from 2-point GST hike

    Quote Originally Posted by yanyewkay View Post
    if every year rebate then i don't think there's a point to increase the 2% in the first place. The 'rebate' was meant to 'ease' the people into the hike.
    so the raise the gst does not work out as govn claim on "help out the poor"???

    It does seem to bring in huge income for the govn after the one time "rebate", yet I still find some commercial license or registration fees etc has been increased, is the govn really short of money? Or they are preparing for the possible coming recession, or ministry pay raise
    Last edited by zcf; 23rd January 2008 at 11:28 AM.
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