A STUDY ON THE IMPACT OF GST ON CONSUMER PRICES WITH REFERENCE TO FORTUNE OIL PRODUCTS INDIA

GST represents a major transformation in India's indirect taxation system and has influenced consumer prices, business operations, supply-chain practices, and purchasing behaviour. The present study, with specific reference to Fortune Oil Products India, indicates that consumers generally possess a favourable level of GST awareness and perceive GST as having an effect on product prices. The analysis shows that 78% of respondents are aware or highly aware of GST, while 73% agree or strongly agree that GST affects product prices. Further, 74% of respondents are satisfied or highly satisfied with GST implementation. These findings suggest that consumers recognise the importance of GST in pricing and taxation and generally view its implementation positively. The study also indicates that pricing transparency, product availability, and supply-chain efficiency are important aspects of consumer evaluation. However, consumer prices are influenced by several factors beyond GST, including raw-material costs, transportation expenses, inflation, market demand, and competitive conditions. Therefore, businesses should maintain transparent pricing and communicate GST components clearly. Continued consumer education and simplified tax information can further improve understanding and confidence. Overall, GST has contributed to greater tax transparency and operational efficiency, while its ultimate effect on Fortune Oil consumer prices remains dependent on wider market conditions.

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