2023 is officially here, and so is the 1% increase in Goods & Services Tax (GST).
Since the announcement in February, people have been preparing for the hike in various ways, with some even resorting to paying for CNY dinners in advance.
Some corporations like Changi Airport Group have also rolled out initiatives to help cushion the blow of the newly introduced 8% GST.
The latest to jump on the bandwagon are two supermarkets, namely Sheng Siong and Giant.
Sheng Siong will offer a 1% discount on most in-store buys, while Giant will absorb the 1% GST hike for an extended time.
On 27 Dec 2022, Sheng Siong announced on its website that it would launch a ‘Counter-Inflation Discount’ on all items.
Source: Sheng Siong
As a result, shoppers can get most products in any of its branches at 1% off.
The offer kicked off on 1 Jan 2023 and is set to last until 31 Mar.
That said, a few product categories are excluded from discounts, which are alcohol, tobacco, vouchers, lottery, and infant milk powder.
The promotion is also applicable to in-store purchases only.
Elsewhere, Giant is absorbing the 1% GST increase from now until Jun 2023.
The initiative applies to over 700 essential items, including toiletries, cleaning tools, and fruits, The Straits Times (ST) reported.
Among them are Darlie Fresh’N Brite toothpaste, which retails at S$4 for two 140ml tubes and Royal Gala apples, which cost S$2 for five.
ST also reported DFI Retail Group, which owns Giant, as saying that the supermarket chain has kept prices of essential goods stable via its Lower Prices That Last campaign.
At the same time, the senior citizen discount programme will continue, which gives a 3% storewide discount to all citizens or permanent residents aged 60 and above on weekdays.
Sheng Siong and Giant’s initiatives are in line with FairPrice’s, which announced a 1% discount on 500 essential goods from 1 Jan to 31 Jun.
Back in November 2022, FairPrice had shared that the discount would apply to products from categories such as fruits and vegetables, meat, dairy, and detergent, just to name a few.
The offer extends to both in-store and online purchases, although the list of discounted products would vary according to shoppers’ demand.
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Featured image by MSNews and adapted from Google Maps.
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No action is required for eligible households to claim the rebates.