$990 Million Extra earned for 2% GST hike in just 6 months!!

[Toyopet]

Jan 22, 2008

Govt earned $990m extra from GST hike

By Lynn Lee

 

THE Government earned an extra $990 million last year from the two-percentage point hike in Goods and Services tax.

 

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 in July 2007.

 

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 2007 on Mar 31 this year.

 

Read the full story in Wednesday's edition of The Straits Times.

 

 

This means for 1 year the 2% can generate around $2 Billion. I thought they basic reason for the hike is to help the poor ? And don't you think $2 Billion a year to help the poor is way too much ? Who needs charity anymore if indeed every cent is spent on the poor and needy.

[Nighthawkcity]

[Comfy]

guess the bucks goes to GIC/TH to invest before it's use for helping the poor... its a sink-a-poke holdings....

[Ronnchee]

Now we can pay our mini-sirs better salary and bonuses ...

[Nkps]

not enough YET

[Guyver]

Hmmm ...

 

2% - $990 million

 

So

 

100% - $990 million x 50 = $49.5 billion ... spent ....

[Curahee]

Large portion back to sporean? In what way??

[Ronnchee]

Our mini-sirs also sporeans meh !!

[Apollo]

i feel the numbers hv been marked down. but then again...

 

$540 mil fr say 4 million citizen means a lot of zeros per citizen to nation building!

[Kingcopa]

no wonder GIC/TH got so much $$$ to lose. No wonder our minister can increase their pay.

[Typhoonz]

If not where they get money to invest in those ang moh banks?

[Boyboy]

A large portion of the collection went back to Singaporeans.

 

i wonder where the largest portion went. which singaporeans?

 

so the other portion go to *elite* or foreigners?

[Donut]

its a scam......

[Hope_n_pray]

The extra amount collected just shows that a gross miscalculation was done from the start. A 1% raise would be more than enough already.

[Verve]

will a large portion go back to singaporeans in terms of gst rebate in 2009, 2010,2011, 2012,2013, and .............................................

 

every year tio tiap extra one billion and more liao ..... i mean for sgreans

 

tamasik can do a lot of extra investment overseas liao , hopefuly they don t self pwned like the thai telco screw up.

[Ryowee]

[reply]

The extra amount collected just shows that a gross miscalculation was done from the start. A 1% raise would be more than enough already.

Cos the other 1% goes to the MIW's increments.