Last Updated on by Tree of Wealth
3 Major Supermarkets Absorb 1% GST Hike Singapore 2023
Singapore – As one of the most discussed topic in January 2023, the GST is set to increase from 7% to 8%. It is glad to see that in Singapore we see 3 Major Supermarkets absorbing the 1% GST hike. This definitely helps in combating this raise in GST hike amidst the inflation period.
Giant, a supermarket chain, has announced that it will absorb the Goods and Services Tax (GST) hike on 700 essential items in the first half of 2023. Sheng Siong is offering a one percent discount on almost all items until March 31, 2023, as a means of combating inflation and the GST hike. FairPrice is providing a one percent discount on 500 essential items for a period of six months to offset the GST hike and has also extended its discount programs for seniors.
During the first half of 2023, shoppers at Giant supermarket will not have to pay the increased Goods and Services Tax (GST) of 1 percentage point on over 700 essential items.
Giant (Parent Company DFI Retail Group) has also pledged to maintain stable prices on certain essential products through its Lower Prices That Last campaign, which was launched in 2020 to alleviate the impact of the COVID-19 pandemic and includes groceries, personal care items, household goods, and fresh products. In addition, the chain, which operates over 50 outlets in Singapore, will continue its senior citizen discount program, which offers a 3% storewide discount to all citizens or permanent residents aged 60 and above on weekdays.
Aside from Giant, other supermarket chains in Singapore like Sheng Siong and Fairprice have also announced discounts on certain items to help offset the GST hike.
Supermarket chain Sheng Siong is offering a one percent discount on all in-store purchases until March 31, 2023, to assist customers in coping with inflation and the GST hike. The discount will be applied to all items in all stores throughout Singapore, except for alcohol, tobacco, vouchers, lottery, and infant milk powder (stages 1 and 2). The promotion is only available in-store.
NTUC FairPrice also announced on November 4, 2022 that it will offer a 1% discount on 500 essential items for the first 6 months of 2023 to help customers offset the GST increase. These items include fresh fruits, vegetables, and meat, dairy products, and detergents and household cleaners, and will be available across all FairPrice retail channels, including online.
The 500 essential items are defined as products that are frequently purchased by customers and include both house-brand and national-brand items.
In addition to the discount on essential items, FairPrice has also extended its ongoing discount programs for Pioneer Generation, Merdeka Generation, and Community Health Assist Scheme blue cardholders for another year, from January 1 to December 31, at all FairPrice outlets, including supermarkets, Finest outlets, Xtra hypermarkets, On Wheels, and Unity pharmacies.
Under these programs, Pioneer Generation members (born in 1949 or earlier) receive a three percent discount on Mondays and Wednesdays, Merdeka Generation members (born in the 1950s) receive a three percent discount on Wednesdays, and CHAS blue cardholders receive a three percent discount on Thursdays.
All other senior citizens aged 60 and older receive a two percent discount on Tuesdays.