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GST Hike FAQs for Group Insurance
General FAQs

GST Hike FAQs for Group Insurance

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How will Singlife implement the increase in GST rate for group insurance?

Is there a cut-off for payment by 31 Dec 2023 for 8% GST payable?

How will Singlife implement the GST rate for partial payments?

What if I have an outstanding bill dated before 2023 (e.g. dated 1 Jan 2019)?

Can I ask for early renewal processing and billing for renewal period from 1 Jan 2024 to 31 Dec 2024?

What is the applicable GST rate for refunds such as a credit note or experience refund?

How would Singlife implement the GST rate for yearly headcount adjustments due to member movements?

Does the 8% GST rate apply for clients who make payment on 31 Dec 2023 via bank transfer? Since it usually takes 3-5 days for the funds to reach the recipient.

How will Singlife implement the increase in GST rate for group insurance?

All payments received by 31 Dec 2023 based on bills issued before 1 Jan 2024 will be accepted based on 8% GST. Any bills issued (including adjustment) on or after 1 Jan 2024 will be based on the applicable GST for that year.

Is there a cut-off for payment by 31 Dec 2023 for 8% GST payable?

Payments must be received by 23.59hrs on 31 Dec 2023 to qualify for the 8% GST. Any payments received on or after 00:00hrs on 1 Jan 2024 will be subjected to 9% GST and a fresh bill at 9% GST will be issued.

How will Singlife implement the GST rate for partial payments?

A fresh bill with 9% GST will be issued for any outstanding bills not paid in full before 1 Jan 2024.

What if I have an outstanding bill dated before 2023 (e.g. dated 1 Jan 2019)?

A fresh bill with 9% GST will be issued for any outstanding bills that are not paid in full paid before 1 Jan 2024 regardless of when the bill is issued. Customers are encouraged to make full payment for any outstanding bills before 1 Jan 2024.

Can I ask for early renewal processing and billing for renewal period from 1 Jan 2024 to 31 Dec 2024?

We will process renewals upon receipt of renewal confirmation and all the required information. All renewals for 1 Jan 2024 onwards will only be billed from 1 Jan 2024 onwards.

What is the applicable GST rate for refunds such as a credit note or experience refund?

It will be based on the applicable GST at the time the credit notes or experience refund are issued.

How would Singlife implement the GST rate for yearly headcount adjustments due to member movements?

It will be based on the prevailing GST rate at the time the adjustment bill or credit note is issued.

Does the 8% GST rate apply for clients who make payment on 31 Dec 2023 via bank transfer? Since it usually takes 3-5 days for the funds to reach the recipient.

 We will require all funds to be received by the recipient’s bank for payment to be considered ‘received’. Please make arrangements in advance. 

For more information, please refer to the IRAS e-Tax Guide.
 

This webpage is published for information only and Singapore Life Ltd. accepts no liability whatsoever with respect to its use or its contents. The information contained here is accurate as at 15 Nov 2023.

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