Giant to absorb GST hike for 700 essential products from January to June 2024
Giant will join a few supermarket chains that are absorbing the goods and services tax (GST) increase in 2024.
From January to June 2024, the supermarket chain will absorb the 1 percentage point GST increase on 700 essential products across key categories such as fresh produce, personal care and household essentials.
DFI Retail Group, which manages Giant, announced the move on Dec 26 and said it is to help Singaporeans mitigate the effects of inflation and the rising cost of living.
The 700 discounted products were selected based on customer feedback and data to ensure maximum value for Giant customers, DFI Retail Group said.
Giant will also offer a 4 per cent storewide discount every Tuesday for senior citizens, to further alleviate the rising cost of living. This discount would apply throughout 2024.
DFI Retail Group’s Singapore managing director for food Yoep Man said: “Our top priority is to ensure that essential products remain affordable. By absorbing the GST increase over a six-month period... we hope that Singaporeans can continue to shop and enjoy their favourite essential products in the new year.”
Giant joins FairPrice and Sheng Siong, which had earlier announced similar schemes to absorb the upcoming GST increase for their customers. Popular furniture retailer Ikea had also said earlier that it would absorb the GST increase.
The GST rate will go up from 8 per cent to 9 per cent on Jan 1, 2024, and will be the second of a two-stage rate increase. It had earlier been increased from 7 per cent to 8 per cent on Jan 1, 2023.
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