The Goods and Services Tax (GST) rate in Singapore is scheduled to increase from 8 percent to 9 percent on January 1, 2024. It was earlier increased from 7 percent to 8 percent on 1 January 2023.
Giant offsetting GST increase
Giant has announced its decision to absorb the upcoming 1 percentage point Goods and Services Tax (GST) increase in Singapore in 2024. From January to June 2024, Giant will absorb the GST increase on 700 essential products, spanning key categories such as fresh produce, personal care, and household essentials, according to a report by The Straits Times.
This move aims to alleviate the impact of inflation and the rising cost of living for Singaporeans.
DFI Retail Group’s Announcement
DFI Retail Group, the management company behind Giant, revealed this initiative on December 26, emphasizing its commitment to supporting Singaporeans during challenging economic times.
The 700 discounted products were carefully chosen based on customer feedback and data analysis to provide maximum value to Giant customers. This proactive approach aligns with Giant’s mission to make essential products affordable for the community.
Additional Discounts for Senior Citizens
In addition to absorbing the GST increase, Giant will introduce a 4 percent storewide discount every Tuesday exclusively for senior citizens throughout 2024.
This additional discount aims to further assist the elderly in managing their expenses and coping with the rising cost of living.
DFI Retail Group’s Singapore Managing Director for Food, Yoep Man, expressed the company’s commitment to prioritizing affordable essential products for all customers.
Collaborative Efforts Across Supermarkets
Giant’s decision to absorb the GST increase follows similar initiatives by other supermarket chains in Singapore. FairPrice and Sheng Siong had previously announced schemes to absorb the upcoming GST increase, emphasizing their dedication to supporting customers in the face of economic challenges.
Ikea, a popular furniture retailer, had also committed to absorbing the GST increase, reflecting a collaborative effort within the retail sector to lessen the financial burden on consumers.