FAQ on GST Increment

Why is there a change in GST rates?

The change in GST rate is due to a recent announcement made during Budget 2022 and the Singapore Government has announced a change in GST from the current 7% rate to 8% in 2023 and a subsequent revision to 9% in 2024.

When will the new GST change from 7% to 8% take effect?

The new GST change from 7% to 8% will take effect from 1 January 2023 onwards.

How will the GST change affect my payments to Cordlife in the future?

For Existing Clients

The revision in GST rate will apply to clients who have opted for annual and installment payment plans. All invoices issued in Year 2023 onwards, will be at the prevailing 8% GST.

For New Enrolments from 1 January 2023

For clients who have enrolled from 1 January 2023 onwards, the prevailing 8% GST will be applicable to all elected payment plans.

I have enrolled in Year 2022 but will only be delivering my Child in Year 2023. How would the change in GST affect me?

For clients who have enroled on or before 31 December 2022 but have an Estimated Delivery Date (EDD) in Year 2023, Cordlife will absorb the 1% GST increase.

The amount payable (before GST), will remain the same and it will be based on the elected payment plan and service(s). You may refer to the Schedule of Fees of your Service Agreement for more details.

To enjoy the 1% GST increase absorption, please ensure that full payment for your issued invoice is made within 2 months after your Child’s actual delivery date.

With the absorption of the 1% GST increase, what documents would I be expecting from Cordlife if I have enrolled on or before 31 December 2022 and will be delivering my Child in 2023?

Any enrolment on or before 31 December 2022 will be subject to the 7% GST rate. However, due to the requirements set forth by IRAS, Cordlife will be issuing a Credit Note to cancel out the initial invoice and to reissue a new invoice that reflects 8% GST rate.

There should be no change to the total amount payable based on the payment plan and service(s) you have elected during enrolment in Year 2022.

What should I do if I am currently on an annual payment plan and would like to prepay in advance before the increase in GST?

You can consider upgrading your current annual/instalment payment plan to our Preferential Plan* and complete the full payment before 31 December 2022 in order to enjoy the 7% GST rate.

*Terms and conditions apply

If I have opted for the 60-month plan, how would the GST change affect my payments?

For enrolment and invoices billed in Year 2022, it will be subject to the 7% GST rate, while enrolment and invoices billed from 1 January 2023 will be subject to 8% GST rate and subsequently, a 9% GST rate from 1 January 2024.