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It appears the inevitable has to happen: Daiso will no longer be selling its items at S$2 each as the Japanese retail giant will be charging 7 per cent GST (Goods and Services Tax) for its products come May 1, 2022.
A post about a notice of the price change was put up in the Daiso and Lobang Lovers SG Facebook group on April 13.
The notice read:
Price change notice
Dear valued customers,
Thank you for all your continuous support. We always strive to keep prices as affordable as possible. To continue improving the quality of our products, there will be a price change.
All prices will be exclusive of GST from May 1, 2022
The Facebook post did the necessary calculations of possible future prices.
May 1, 2022, each item = S$2.14
Jan 1, 2023, each item = S$2.16
Jan 1, 2024, each item = S$2.18
The calculations take into account the increase in GST from 7 per cent to 8 per cent, and then to 9 per cent.
Reactions
Reactions to the post were of inconsolable sorrow.
Some of the commenters were trying to guess if Daiso Singapore would round up or round down S$2.14 on the bill.
Others were calculating to find out that with GST of 7 per cent implemented into the new price, they will be able to buy 14 items with S$30 when they would have been able to buy 15 items previously.
Some commenters also suggested stocking up on products before the new price kicks in.
Background
Goods and Services Tax (GST) will be raised in two steps.
The first increase to 8 per cent will take place from Jan. 1, 2023.
The second increase to 9 per cent will take place from Jan. 1, 2024.
Singapore last increased its GST to the current 7 per cent in 2007.
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