“IMPACT OF GST ON FMCG COMPANY IN INDIA

A CASE STUDY ON HUL”

A PROJECT REPORT SUBMITTED TO THE DEPARTMENT OF

COMMERCE, SALIPUR AUTONOMOUS COLLEGE
FOR THE PARTIAL FULFILLMENT OF DEGREE IN BACHELOR
OFCOMMERCE

BY
KASHIS AFROZ
AUTONOMOUS ROLL NO-: SAC220201023
COLLEGE ROLL NO.: BC22-013
UNDER THE SUPERVISION OF

MRS. MONALISHA MISHRA

LECTURER IN COMMERCE
SALIPUR AUTONOMOUS COLLEGE

SALIPUR AUTONOMOUS COLLEGE

1
 SALIPUR, CUTTACK, ODISHA-754202

DECLARATION

I, Kashis Afroz, hereby declare that the project report titled “ IMPACT OF
GST ON FMCG COMPANY IN INDIA A CASE STUDY HUL” submitted to Salipur
Autonomous College, Salipur, Cuttack, Odisha for the partial fulfillment of the requirements for
the degree of BACHELOR OF COMMERCE, is an original piece of work carried out by me.
This report has not been previously published, nor has it been submitted, in full or in part, for
the award of and degree or diploma elsewhere.

I further affirm that all the works of other authors and sources referenced in this project report
have been duly acknowledged in the References section.

Place: SALIPUR KASHIS AFROZ

Date:________ (NAME OF THE STUDENT)

2
MRS MONALISHA MISHRA

[Link], SSB, NET

V
LECTURER IN COMMERCE

SALIPUR AUTONOMOUS COLLEGE

SALIPUR, CUTTACK-754202

CERTIFICATE

This is to certify that the project report titled “IMPACT OF GST ON FMCG COMPANY IN
INDIA A CASE STUDY HUL” submitted by Kashis Afroz,AUTO ROLL
NO.SAC220201023,SalipurAutonomous College, Salipur,Cuttack,Odisha for the award of the
degree of BACHELOR OF COMMERCE (B. Com) Salipur Autonomous College, is an
original piece of work carried out by the candidate under my guidance and supervision. The
report is submitted for the partial fulfillment of the requirements for the award of the degree of
Bachelor of Commerce.
The content of the report has been thoroughly examined and is found to be the work of the
candidate. It is further certified that the report is based on the research conducted by the student,
and all sources of information and references have been properly acknowledged in the
References section.
I also confirm that the report is accordance with the academic standards and guidelines set by
the college. To the best of my knowledge, the work is honest and genuine representation of the
student’s research.

3
Place: SALIPUR [Link] MISHRA

Date:________ (Research Supervisior)

ACKNOWLEDGEMENT

I would like to express my sincere gratitude to all those who have supported me throughout the
completion of this project report titled “IMPACT OF GST ON FMCG COMPANY IN
INDIA A CASE STUDY OF HUL”. First and foremost, I would like to extend my deepest
gratitude to . Mrs. MONALISHA MISHRA, Lecturer in Commerce, Salipur Autonomous
College, Salipur, Cuttack, Odisha for her continuous guidance, invaluable support, and
constructive suggestions throughout the entire research process. Her expertise and
encouragement have been a constant source of inspiration for me, I would also like to thank the
faculty members and staff of the Department of Commerce at Salipur Autonomous College for
their support and cooperation. Their insights and assistance have greatly contributed to the
successful completion of this project,
I am thankful to all the individuals, institutions, and organizations whose research and work
have served as valuable references for this project, Special thanks to the various microfinance
institutions and financial experts who provided their time and knowledge to help enrich my
understanding of the subject.
Lastly, I would like to express my heartfelt appreciation to my family and friends for their
constant support, patience, and understanding during this project. Their encouragement and
belief in me helped me stay motivated and focused throughout this journey,

Without the help and support of all these individuals and institutions, this project would not
have been possible,

Thank you all for your invaluable contributions,

KASHIS AFROZ
4
College Roll No. BC22-013
Autonomous RollNo-SAC220201023

5
 ABSTRACT

Good and services tax (GST)is the biggest tax reform in Indian tax system. It includes excise tax, service tax,
central sales tax, luxury tax, lottery tax, service tax, octroi, state surcharge, and other surcharge on supply of
goods and services. The GST replaced various multiple indirect taxes which were imposed on unlike items of
goods and services. The GST helped in increasing central government revenue from past nine months, since
GST has been introduced (1st of July,2017) and solved the problem of “cascading effect” of tax. GST has
emerged as “transparent taxation system”

in the indirect taxation. Although GST will be more effective in coming future but presently it may not be free
from constraints. The research paper will focus on framework of GST on fast moving Consumer Goods
(FMCG) sector in India. After implementation of GST, FMCG Sector improved slightly as GST eliminated
multiple tax system. Goods and Services Tax (GST) is a transformative tax reform introduced in India with the
aim of unifying the country’s indirect taxation system. Implemented on July 1, 2017, GST has had propound
impact on various sectors teleonomy, including the Fast-Moving Consumer Goods (FMCG) sector. This study
explores the specific impact of GST on FMCG products from the perspective of consumers in India District.

KEYWORDS: GST, FMCG, Goods and Service, Government Revenue, Tax.

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 TABLE OF CONTENT

CHAPTER Page No.

Chapter1-INTRODUCTION
1.1 Statement of problem
1.2 Obje

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INTRODUCTION

The fourth largest sector in the Indian economy is Fast Moving Consumer Goods (FMCG) Sector. Almost 50%
FMCG sales come from food and beverages , and 30% sales from household and personal care but now this
growth are change almost 50% of FMCG sales in India comes from household and personal care, 31-32%
sales from Healthcare, and 18-19% sales from food and beverage. In today’s era of globalization market is full
of FMCG companies and they try to sell their products by creating brand image in the minds of customers .Fast
moving consumer goods are also known as consumer packaged goods. Growing online shopping habits among
Indian youth and change in their lifestyles are the main reason of growth for the sector. The urban population is
the major contributor the overall revenue generation by the FMCG Sector in India and recorded a market size of
around US$ 29.4 Billion in [Link] must be noted that in the last few years the FMCG market has grown
at a faster pace in rural India compared with urban India. The FMCG retail market in India is estimated to reach
from US$ 220 Billion by in 2025from US$ 110 billion in 2020 with expectation for a compound annual growth
rate (CAGR) OF AROUND 10%. Which will increase the revenue of FMCG sector. In 2020-2021 revenue for
FMCG companies were US$ 60 billion and is expected to grow 5-9% in financial year 2025, driven by rural
demand recovery and continued urban demand, especially in premium categories. . The Goods and Services Tax
(GST) is a comprehensive indirect tax reform introduced in India on July 1, 2017. It replaced a complex and
fragmented tax system, where different taxes were levied by both the central and state governments. GST is
designed to unify the country's indirect taxes under a single tax structure, facilitating a more streamlined and
efficient tax administration. One of the major sectors impacted by GST in India is the Fast-Moving Consumer
Goods (FMCG)industry. The FMCG sector in India is a vital part of the economy, characterized by the
production and distribution of everyday essential consumer goods. These products include food and beverages,
personal care items, household goods, and other consumables that have a short shelf life and frequent turnover.
The FMCG industry plays a significant role in India's economic growth, contributing to employment
generation, rural development, and consumption-led demand. Before the implementation of GST, the FMCG
sector faced multiple indirect taxes such as Value Added Tax (VAT), Central Excise Duty, Service Tax, and
others. These taxes varied across states, leading to complex tax structures, higher compliance costs, and inter-
state trade barriers. Moreover, the cascading effect of taxes resulted in a higher tax burden on the end
consumers. The introduction of GST brought about a radical change for the FMCG industry in India. It aimed to

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create a seamless national market by subsuming various taxes into a single, unified tax, thereby reducing tax
complexities and fostering economic growth. GST is based on the principle of "One Nation, One Tax," ensuring
that goods and services are taxed at the same rate regardless of their origin within the country . This reform had
both positive and challenging implications for the FMCG Sector. On the other hand, it also presented new
challenges related to pricing strategies, inventory management, and _ technology adoption. This research seeks
to delve into the impact of GST on FMCG products from the perspective of retailers in India. It aims to explore
how the tax reform has affected the industry’s dynamics, including pricing, consumer behavior, inventory
management, technology adoption, and interstate trade. Understanding the GST implications on the FMCG
sector is crucial for policymakers, industry players, and stakeholders to devise effective strategies, ensure
compliance, and maximize growth opportunities in this important segment of the Indian economy.

STATEMENT OF PROBLEM:

GST implementation in India has significantly impacted consumers, particularly in the FMCG sector. The study
mis address key problems from the consumer's perspective, including price sensitivity and affordability,
perception of GST benefits, changes in consumption patterns, impact on low-income and middle-income
consumers, perception of compliance and transparency, and influence on brand loyalty and product choices. By
understanding consumers’ experiences and perceptions, policymakers and businesses can make informed
decisions, address consumer. concerns, and leverage the potential benefits of GST to enhance consumer
satisfaction and overall market dynamics. The study aims to revealable insights into the impact of GST on
FMCG products from the perspective of consumers in India.

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OBJECTIVES OF STUDY:

 To study the frame work of GST.

 To study the impact of GST on FMCG Sector.
 To describe the concept of GST
 To examine the perspective impact of GST in FMCG Sector
 To analyze the experience of other GST implemented countries
 To examine the issues associated with GST
 To assess consumer satisfaction levels with FMCG products
 post-GST implementation.
 To investigate the impact of GST on consumer affordability
 and willingness to pay for different categories of FMCG product.
 To identify any challenges or grievances faced by consumers.
 regarding GST and its impact on FMCG products.

METHODOLOGY OF THE STUDY

The study is based on secondary data collected from various books, blogs, articles published by experts in the
national and international journals.

SCOPE OF THE STUDY

The study covers possible impact of GST in FMCG sector. It also explains the perspective positives and
negatives of GST implementation to FMCG sector. The study further covers the effectiveness of GST in FMCG
sector in the countries already implemented it. The impact of GST on FMCG products from the perspective of
consumers in India, can be a valuable study with potential insights into how this tax reform has affected the
local Karnataka, known for its agriculture and agro-based industries.

SIGNIFICANCE OF THE STUDY:

The significance of the study lies in its ability to provide insights into the real-world effects of GST on
consumers, the FMCG sector, and the broader economy in India. It helps policymakers, businesses, and
10
consumers alike to understand the implications of this tax reform and work towards ensuring a more equitable
and efficient tax system.

LIMITATION OF THE STUDY:

 As the report has prepared by taking certain assumptions like the provided data are correct as far as the
corporation is concerned in fact there are certain limitations which I faced during my study are given
below.
 Time factor was the only reason which didn't lead to analysis all the facts and figures thoroughly.
 To write exact quantitative figure was not possible in fact they were written up to four decimals for clear
understanding purpose.
 The complete explanation was not possible to mention on the report because the given interpretation in
this report was made by analyzing to the relevant years annual report.

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HYPOTHESIS:

 Null hypothesis (HO): There is no significant difference

 between stock indices of pre and post GST in India. Alternative hypothesis (H1): There is a significant
difference between the stock indices of pre and post GST in India.

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REVIEW OF LITERATURE:

Nair, S., & Pillai, R. (2018), This study examines the impact of GST on consumer prices of FMCG products in
India. Using a time-series analysis, the research assesses changes in prices before and after GST
implementation. The study finds that while some FMCG products experienced a reduction in prices due to input
tax credits, others witnessed marginal price increases, leading to mixed effects on consumer affordability.

Sharma, R., & Gupta, A. (2019), This research focuses on consumer perception and awareness of GST in the
context of FMCG products in Delhi-NCR. Through surveys and interviews, the study explores consumers’
understanding of GST benefits, their response to price changes, and brand loyalty. The finding sreveal that
consumers have varying levels of awareness about GST and its impact on FMCG prices.

Reddy, V., & Jain, M. (2020), This case study investigates consumer responses to GST on FMCG products in
Hyderabad, India. The research analyses changes in consumer spending behavior, brand preferences, and
willingness to pay post-GST. The study finds that while some consumers have become more price-conscious,
others prioritize product quality and brand loyalty.

Singh, K., & Agrawal, N. (2018), This study explores the impact of GST on consumer buying behavior for
FMCG products in Lucknow, Uttar Pradesh. Through surveys, the research assesses changes in consumer
preferences, brand loyalty, and spending patterns after GST implementation. The study finds that consumers are
more price sensitive and tend to compare prices across brands and retailers.

Mishra, S., & Bhatia, P. (2019), impact of GST on consumer perception of FMCG products in Mumbai,
Maharashtra. Through focus groups and interviews, the study explore consumers ‘opinions on price changes,
value for money, and trusting brands post-GST. The findings highlight the importance of transparent pricing and
communication in shaping consumer perceptions’.

Mohan Kumar, [Link] (December 2017) talks about GST ANDITS PROBABLE IMPACT ON THE FMCG
INDUSTRY IN INDIA , for the international journal of research in finance and marketing. This paper analyzes
the impact of the FMCG industry. The fast-moving consumer goods (FMCG) sector of India compromises more
than 50% of the food and beverage industry. And another 30% from personal and household care. Presently the
peak tax cost for industry players amount to approximately27% i.e. (excise duty of 12.5% and VAT ranging

13
from 12-15%) under the GST regime, its proposed that the revenue neutral rate would be in the range of 16-
19%.

Kaur. M, [Link] (2016), mainly focuses on what are the impacts of GST after its implementation, the difference
between the present indirect taxes and GST and also benefits an challenges of GST after its implementation.
Research being a qualitative research analysis on how various goods and services are being taxed under GST.

Vasanthagopal (2011) in the article GST in India, A big leap in the indirect taxation system discussed the impact
of GST on various sectors of the economy. The article further stated that GST is a big leap and a new impetus
to Indian’s economic change.

R Hiremani Naik [Link] (December 2017) discuss ONPERSPECTIVE IMPACT OF GST ON FMCG SECTOR
IN INDIA” ,for international journal of research in Business studies. The fast-moving consumer goods (FMCG)
segments are the fourth largest sector in the Indian economy.
goods and service tax(GST) bill is passed as the companies set warehouses across the states in a bid to have a
more tax efficient system. FMCG is one such sector directly having its impact on the large public. It is very
important to study the possible positive and negative impact of GST implementation on the FMCG sector.

Alie teal (2019) mentioned in his study that study complete that GST has impact on various aspects of FMCG
corporations and as of now, it appears that new tax regime is favorable to these companies.

.Urvashi Gupta (August, 2018) describes that the impact of GST on textile industry and also displays the
detail of exempted goods came under Babu & Hariharan (2018) investigating that GST was the present tax
system.
Jayanthi (December 2017) recognized the foreign investments in FMCG sectors have grown gradually to
reach the current size and are trying to influence consumer with intelligent deals. It also helps in development of
economics.

Pramod Patil (February 2016) defines that the completion from unorganized sector can be overcome by
increasing consumer brands awareness and by reducing cost through sharing
resources such as distribution network. Favorable development happening in demand side supply side and
systematic drivers shows that this sector has very bright future.

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Pankaj Kumar & Sudhanshu Sekhar Sarkar (March 2016) identified the challenges are between the center
and state government proportion in taxes majorly but directly or indirectly it is adding wealth to the nation. GST
has been implemented had positive impact on their economies.

Kumar & Kumar (April 2017) defines that FMCG sector of India include 50% of food and beverage industry
and 30% from personal care. This sector also helps to account 10% in GDP in India.

Yogesh (October, 2017) the research inspects that GST has brought the transparency in gathering of indirect
taxes. It is designed in such a way that it is expected to generate amount of revenue for both central and state
government. All businessmen and services providers will be beneficial in long run.

Ashish Chhajer,Divakar Sharma, and Aditya Patel (APRIL2020) evaluate the impact of Goods and Service
tax (GST) on Indian’s fast moving consumer goods (FMCG) sector. Employing an exploratory and descriptive
research approach, the study utilizes secondary data analysis and convenience sampling. It highlights a mixed
impact on the FMCG sector, with some companies benefiting from reduced tax frequency, resulting in lower
consumer prices. The GST rates on FMCG products ranging from 18% to 20% are scrutinized , emphasizing the
sector’s substaintial contribution to both direct and indirect taxes in india. The research examines various
factors such as tax structure, input tax credit, logistics costs, and consumer spending ability. The study
contributes to the understanding of the FMCG sector post-GST through a comprehensive review of secondary
data from blogs, reports, newspapers , magazines, government websites, and existing research articles.

CMA Satish Dhokare’s paper undertakes a quantitative investigation into the ramifications of Goods and
Services Tax (GST) on Indian’s Fast Moving Consumer Goods (FMCG) Sector. The study, while not explicitly
detailing the tools or methodologies employed, delves into variables such as tax structures, logistics costs,
supply-chain management, consumption patterns, and financial aspects of FMCG companies. The objectives
encompass gaining a comprehensive understanding of GST, analyzing its impacts on the FMCG sector, and
scrutinizing both positive and negative consequences. The paper draws on data derived from journals and
articles, employing a quantitative research approach without specifying particular source or datasets.

College of Management and Economics Studies, UPES, Dehradun, 2023 The Fast-Moving Consumer
Goods (FMCG) industry creates products that completely encircle humans. In their daily lives, all people use
these products, The industry has low-profit margins and faces numerous problems with distribution. This study
talks about the distribution of fast moving consumer goods as wwll as significant problems and difficulties that
affect the performance of the distribution. It is essential that the distribution is technologically advanced,

15
environmentally friendly, and integrated to be able to address those concerns over the quality and safety of
products, and rising losses and wastage of the goods. Innovation, integration, and sustainability will be the main
areas of the supply chain’s focus. The study used a review of pertinent and recent literature to pinpoint the key
issues.

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INDUSTRY PROFILE

FAST MOVING CONSUMER GOODS COMPANY

 Fast-moving consumer goods (FMCG), also known as consume packaged goods (CPG), are products that
are sold quickly and at a relatively low cost.
 Examples include non-durable household goods such as packaged goods, beverages, toiletries, candies,
cosmetics, over the counter drugs, dry goods, and other consumables.
 FMCG is the most common acronym in use across most of Europe, Asia, and Oceania, while CPG is used
more frequently in the Americas.
 The companies those who sell these products that are needed for the common people regularly are known as
FMCG companies.
 They are the backbone of an economy as they sales and the contribution to the economy through the sales
are very enormous that they are capable of making very big economic changes.
Top 5 FMGC Companies in India are as follows:

 Hindustan Unilever Limited

 India Tobacco Company (ITC) Limited
 Nestle India Limited
 Britannia Industries Limited
 Godrej Consumer Products Limited


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COMPANY PROFILE

HINDUSTAN UNILEVER LIMITED

 Hindustan Unilever Limited (HUL), a subsidiary of Unilever, is India's largest Fast Moving Consumer
Goods company with a heritage of over 90 years in India. It’s headquartered in Mumbai, India.

 Its products include foods, beverage, cleaning agents, personal care products, water purifies and other fast
moving consumer goods.

 It was founded in the year 17 October 1933, and as of march 2025, that’s 91 years and 5 months ago.
Currently, Sanjiv Mehta (Rohit Jawa will be the CEO from June 27,2023).

 On any given day, nine out of ten Indian households use our products to feel good, look good and get more
out of life.

 This gives the company a unique opportunity to build a brighter future.

 The company has over 50 brands spanning across 16 FMCG catagories in India 20 distinct categories such
as soaps, detergents, shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, packaged foods,
ice cream, and water purifiers, the Company is a part of the everyday life of millions of consumers across
India.

 HUL is a market leader in Indian consumer products with a presence in over 20 consumer catagories,
including soaps, tea, detergent, and shampoos, among others.
 HUL products are used by over 700 million Indian [Link] has a large distribution network India with
product on sale in around 9 million retail outlets across the India.

 Its portfolio includes leading household brands such as Lux, Lifebuoy, Surf Excel, Rin, Wheel, Glow &
Lovely, Pond’s, Vaseline, Lakme, Dove, Clinic Plus, Sun silk, Pepsodent ,Closeup, Axe, Brooke Bond, Bru,
Knorr, Kissa, Kwality Wall’s and Pureit.

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 The Company has about 27,764 employees including 19,109 workers and has Net sales of INR 15,818.00
crores in December 2024 up 1.61% from Rs. 15,567.00 crore in December 2023.

 HUL is a subsidiary of Unilever, one of the world’s leading suppliers of Food, Home Care, Personal Care
and Refreshment products with sales in over 190 countries and an annual sale turnover of 614 billion in
2024 . Unilever has over 60% shareholding in HUL.

VISION
 The vision of the company is to grow its business, while decoupling the environmental footprint from its
growth and increasing its positive social impact.

 The business of HUL has always been driven by a sense of purpose, a thread that connects the company
to its founding companies and their social missions to improve health,
 hygiene and livelihoods in the communities.

 The Unilever Sustainable Living Plan, launched in 2010, laid the blueprint for achieving the strategy.

 The company continues to work towards the ambitious targets they have set themselves for halving the
environmental impact, improving the health and wellbeing of 1 billion people, and
 enhancing the livelihoods of millions.

 In short the vision of the company is to be a leader in sustainable business.

 The 1 demonstrates how their purpose-led, future-fit model drives superior performance delivering consistent,
competitive, profitable and responsible growth.

Hindustan Unilever is one of India’s oldest and largest companies. It is impossible not to have used their
products once in your life. It is also said that HUL is CEO churning machine, and many senior people from the
company have gone on to lead other organizations to their glory. That speaks a lot about the management
quality and how they run their business.

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This is a best-in-class company with the best corporate governance standards and has also been a considerable
wealth creator for shareholders. So let us try to understand Hindustan Unilever better and see if it is still an
attractive investment opportunity.

After Demonetization, GST has been one among the most important transformations that India has seen in
years. Amidst the hustle bustle going round the nation, GST became a game changer for the Indian Economy,
certainly affecting the “Aam Aadmi” to the Business Entrepreneurs also. From boosting up the buyer goods-
industry (FMCG Industry) to cause varied benefits to the economy, the new Goods and Services Tax (GST)
regime can make the market go up within the shortest time.

It is quite evident that GST has made a clear change within the Indian Economy and FMCG, fourth largest
sector within the economy, is amidst one among them to witness an equivalent. the very fact is undeniable that
FMCG is one among the fastest growing sectors of the Indian Economy. VAT, Service Tax, Excise duty, Central
nuisance tax etc. need to be paid by the FMCG Sector under the present GST Regime.

Companies like Marico, and Colgate has benefited from the GST structure, the edible oil rates, the tooth paste
rates are often availed at a coffee price. But you can't gift dry fruits, because it has become an upscale FMCG
product. Other dairy products like Ghee, cheese, butter has got to be used wisely, keeping their rates, but don’t
worry, they're going to revise their price also.

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“We believe it could end in a faster consumption shift from Unbranded to branded products, spurring volume
growth for FMCG companies. Simultaneously, it’ll also bring operational
efficiency with rationalization of supply chain by removing bottlenecks,”

HINDUSTAN UNILEVER OVERVIEW

With nearly 90 years of heritage in India, Hindustan Unilever Limited is India’s largest fast-moving consumer
goods (FMCG) company. It is a subsidiary of Unilever, a British-Dutch multinational company that owns
several well-known brands in the FMCG space.

The company owns 50+ brands across 15 distinct categories, such as fabric solutions, home and hygiene, life
essentials, skin cleansing, skincare, hair care, color cosmetics, oral care, deodorants, tea, coffee, ice cream &
frozen desserts, foods, and health food drinks, the company is a part of the everyday life of millions of
consumers across India.

It has a strong presence in India and is one of the most trusted brands in the country. Some of its famous brands
in the personal care category includes Dove, Lux, Lifebuoy, In addition, Pepsodent, and Fair & Lovely. In
addition, the company offers brands like Surf Excel, Rin, Wheel, and Vim in the home care category. It also has
a popular food and beverages segment, with
brands like Lipton, Brooke Bond, Kissan, and Knorr.

Besides its strong brand portfolio, the company has been recognized for its sustainability and social
responsibility efforts. The company has undertaken several initiatives to improve hygiene and sanitation in rural
India, promote women’s empowerment, and reduce its environmental footprint. As a result, the company has
also been ranked as the most sustainable company in India by the Dow Jones Sustainability Index for several
years.

Hindustan Unilever Company Journey

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 In 1931, Unilever established its first Indian subsidiary, Hindustan Vanaspati Manufacturing Company,
followed by Lever Brothers India Limited (1933) and United Traders Limited (1935). These three
companies merged to form Hindustan Unilever in November 1956. It offered 10% of its equity to the
Indian public, the first among the foreign
 subsidiaries to do so.
 In January 2000, in a historic step, the government decided to award 74% equity in Modern Foods to
HUL, thereby beginning the divestment of government equity in public sector undertakings (PSU) to
private sector partners. Hindustan Unilever’s entry into Bread is a strategic extension of the company’s
wheat business. In 2002, the company acquired the government’s remaining stake in Modern Foods.

 In 2015, the company acquired Indulekha, a premium hair oil brand with strong credentials in Ayurveda.
 It also announced signing an agreement to sell and transfer its bread and bakery business under
“modern” to Niman Foods Private Limited.

 In 2020, with the Merger of GSK Consumer Healthcare with Hindustan Unilever Limited, Iconic health
food drink brands - Horlicks and Boost entered HUL’s foods & refreshment
 portfolio, making it the largest F&R business in India.

 In 2022, Hindustan Unilever’s turnover crossed the INR50,000 Crore mark.

 In July 2022, Unilever India Limited’s new Home Care factory and an automated distribution center
were inaugurated in Sumerpur, Uttar Pradesh. The factory is a zero-carbon factory and Unilever South
Asia’s first gender-balanced factory.
 In July 2024, HUL announced the sale of its water purification nosiness, Pureit
 “In the summer of 1888, visitors to the Kolkata harbor noticed crates full of Sunlight soap bars,
embossed with the words “Made in England by Lever Brothers". With it, began an era of marketing
branded Fast Moving Consumer Goods (FMCG).” This is what the company claims on its birth. This is
more or less the genuine start the company had.
 The start was followed by Lifebuoy in 1895 and other famous brands like Pears, Lux and Vim. Vanaspati
was launched in1918 and the famous Dalida brand came to the market in1937. In 1931, Unilever set up
its first Indian subsidiary, Hindustan Vanaspati Manufacturing Company, followed by Limited (1935).
 Project Shakti was started in 2001. It is a rural initiative that targets small villages populated by less than
5000 individuals. It is a unique win-win initiative that catalyzes rural affluence even as it benefits
business.

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 On 17th October 2008, HUL completed 75 years of corporate existence in India. In January 2010, the
HUL head office shifted from the landmark Lever House, at Backpay Reclamation, Mumbai to the new
campus in Andheri (E), Mumbai. HUL completed 80 years of corporate existence in
 India on October 17th, 2013. By the time the company had acquired more than 30 independent brands.
This was the top number of brands a company had at the time. The acquisition of Horlicks was the last
brand that HUL acquired.

 In January 2025, HUL announced singing of a definitive agreement to acquire Minimalist, a premium
active -led beauty brand.

 In January 2025, the HUL Board approved a scheme of arrangement between Hindustan Unilever
Limited and its wholly-owned subsidiary, Kwality wall’s (India) Limited (KWIL) to demerge HUL’S Ice
Cream business into KWIL.

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HINDUSTAN UNILEVER MANAGEMENT PROFILE

Mr. Sanjiv Mehta is the Chair and Managing Director of Hindustan Unilever Limited. He has led Unilever’s
business in India and the South Asia cluster since October 2013. Sanjiv brings with him a wealth of experience.
He has been with Unilever for nearly 30 years, and for the last 21 years, he has led Unilever businesses in
different parts of the world.

Mr. Rohit Jawa is the CEO Designate and whole-time Director of Hindustan Unilever Limited. He will take
over as HUL’s Managing Director & CEO from 27th June 2023. Rohit started his career with the company as a
management trainee in1988. He has a proven track record of sustained business results across India, Southeast
Asia, and North Asia. As EVP of North Asia and Chairman of Unilever China, Rohit helped transform the
business into Unilever’s third largest globally.

Mr. Ritesh Tiwari is the Executive Director, Finance & IT and Chief Financial Officer of Hindustan Unilever
Limited. He is also the Chief Financial officer for Unilever, South Asia. He is a global finance leader with rich
experience in leading diverse teams across the UK, India, and other Asian markets. Ritesh joined Unilever as a
management trainee in 1999 and is credited with bringing digital transformation, simplification, and leading
projects with high business impact throughout his career.

MS Anuradha Razdan is a member of the Management Committee of Hindustan Unilever Limited as Executive
Director, Human Resources (HR) and Vice President of HR at Unilever South Asia. Anuradha spent the first 14
years of her career working with teams in Customer Development, Employee Relations and as an HR Partner to
members of the HUL Management Committee in Supply Chain and Marketing.

GST impact on FMCG sector: HUL slashes prices of detergents, soaps; to offer 33% extra
on Dove, Rin price cut to Rs 15

FMCG major HUL has reduced the prices of some of its detergents and soaps, extending the tax benefits the
company has got under the GST regime to consumers. The company has slashed the price of its detergent soap
24
Rin bar of 250 gm to Rs 15from Rs 18 and increased weight (grammage) of its Surf Excel bar costing Rs 10 to
105 gm from 95 gm at the same price. Besides, itis also offering 33 per cent extra in Dove bathing bar.

“HUL has already communicated that it shall pass on the net benefits from tax rates as per fair principles,” a
company spokesperson told PTI. “We have already announced changes with effect from today for the dispatches
made from July 1 onwards,” the spokesperson added. The company has brands such as Wheel, Rin, Surf Excel,
Comfort, Sunlight, vim, Domex in the home care segment while in personal care it has brands such as Lux, Liri,
Hamam, Sun silk, Rexona, Lifebuoy, Dove, Pears etc.

The company said any “further changes will be communicated in due course” on other products. However, HUL
did not comment over the issue of hike in margins on its products demanded by modern retail outlets.

“As a matter of policy, we do not comment on mutual terms of trade with our distributors and other business
associates,” the spokesperson said. Under the GST regime, tax credit system is reducing the absolute margins
available to modern trade retail and they are asking to retain at VAT level. The GST council has put daily usage
goods as bathing soap, hair oil, detergent powder, soap, tissue papers and napkins under 18 per cent tax slab.
We notice that in the year 2016 sales increased by 3.03% compared to last year 2015. In 2017 it is increased by
7.18% compared last year 2016. In 2018 sales increased by 9.5% and in 2019 sales increased by 1.2% compared
to its last years. And net profit for the year 2016 it is 8.03%, and for the year 2017, 2018 itis increased by
16.05% ,15.98% and in 2019 it is 11.48% correspondingly
compared to its last year. Overall, we can conclude that there is not much fluctuation after implementing the
GST.

GST TO BENEFIT ITC, HUL AND COLGATE THE MOST

In what could be termed as a defining moment for Indian tax reforms, the government recently set a five-tier tax
structure of O per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent for different goods and services
under the planned GST (goods &services tax) regime. While details relating to various segments and their
respective tax rates are still looked-for, based on the first impression, it appears most of the FMCG companies
are likely to gain from the new tax rates.

In a sectoral impact analysis, experts said that they expect majority of personal care and household items
including toothpaste, detergents, dishwash, hair oil, shampoo, soaps to be in the 18 per cent slab, thus providing

25
a big uplift to related FMCG companies. Currently, the tax imposed on these companies stands at around 25-27
per cent.

Analysts also said that under the FMCG coverage space, companies like HUL (Hindustan Unilever), Colgate-
Palmolive, Dabur and Jyothi Laboratories would be the prime beneficiaries
of the proposed tax rate.

The designed tax slabs are expected to make tobacco companies like ITC and VST Industries heave a sigh of
relief. Currently, cigarette companies’ combined tax incidence is 55-60
per cent, including excise duty and VAT.

Marico share price has risen most in one year but has been slipping in past quarter. Godrej consumer share price
has lost most in a month’s time. GSK Consumer share price has been
declining since a year and HUL share price have been slipping from past two quarters. Colgate, Dabur, Himani
and ITC share price have been gaining since a year.

symbol 1M 3M 6M 1Y
BRITANIA -7.48 0.67 10.75 2.93
COLGATE 0.74 1.32 14.98 1.5
DABUR 4.23 4.33 2.86 12.77
EMAMI 1.73 3.98 5.06 11.01
GODREJ -8.26 -1.33 7.12 12.22
CONSUMER
GSK -7.56 -8.57 -2.61 -3.62
CONSUMER
HUL -5.46 -10.45 -3.96 3.08
ITC 3.35 0.67 15.06 10.53
Under MARICO -5.43 -8.9 5.22 160.77 the new
structure, the
government has planned a rate of tax rate of 28 per cent on tobacco products in addition to the cess, while
excise duty remains the same. However, there is no clarity on the amount of cess to be levied. Still, this
provides respite to the cigarette companies, as the final tax incidence is anticipated to be lower than the
expectation of 40 per cent demerit tax.

26
The D-Street analysts have a positive stance for logistics and warehousing companies as well. According to
them, with the implementation of GST, the efficiency of the system will also perk up in terms of logistics and
warehousing. Additionally, the premiumization trend across personal care and household item and estimated
increase in penetration supported by competence in the supply chain led by GST would drive the sector.
THE POSITIVE IMPACT OF GST ON FMCG:

1) Fall within the Logistics Cost:

Due to the subsumption of taxes like VAT, Entry tax and OCTROI, logistics tax has decreased significantly.
Post GST, logistics cost for FMCG goods reduced by quite 2%, and for a few products, by 5%. The reduction in
logistics cost will increase the demand for these goods, as they're generally ‘fast-selling goods. This especially
applies to non-branded products.

The benefit under the GST Regime would be visible and considerable saving amount of expenses on logistics
are often seen in FMCG Industry. the entire cost of the distribution of the FMCG industry sums up to 2-7%,
which could fall to 1.5% after the entire implementation of GST. an enormous impact and alter are going to be
seen in terms of cost reduction due to the payment of tax, smoother supply chain management, removal of CST,
claiming input credit, under the GST Scenario. The result effect on reducing the logistics cost, which has
benefited the FMCG companies’ tons.

27
GST helps the FMCG companies to save lots of some amount of logistic and transport charges. So, the GST has
impacted during a very positive way for companies, as they need made the availability chain management to run
smoothly and effectively, with regard to timely payment of tax, correct claims of input credit, and CST removal
too. This tax write-off in logistics and transports has benefited the consumers to avail the corporate products in
less expensive rates.

2. Greater efficiency in supply-chain management:

Earlier, manufacturers were required to open a warehouse in every state, to trade those areas. However, with the
introduction of GST, this is often not necessary. Thus, the availability chain has become more efficient for
FMCG goods.

3. An uptick in consumption:

With reduced indirect and logistics cost, the ultimate production of FMCG goods has now become cheaper.
This has benefited both, manufacturers also as end consumers. This has especially helped manufacturers in rural
areas. Thus, there's an increase in demand for these goods.

4. Warehousing cost:

Warehouses are wont to distribute the products locally. The finished goods from the factory arrives at
warehouses and that they get distributed to retailers and customers within the specific areas. Previously, the
warehouses were found out on at those states where the effective tax were low, and this also affected transport
costs for the distributors and therefore’ the manufacturers. But now, the distributors and therefore the
manufacturers don’t need to worry

about their costs, as GST helps them to chop their costs. With the execution of GST within the country, the
FMCG companies can found out their warehouses anywhere, in any state.

5. Foreign Investment:

28
The foreign investment has now increased in India. Our country is now a unified market. Because of GST. The
FMCG goods that are manufactured in India has now become more competitive within the international
markets, due to its low cost. Because the GST has reduced its export cost and cost both. The implementation of
GST has lowered most taxes and made it easier for manufacturers and business owners to sell within the global
and international market with none hassle.

6. Business Cost:

The GST implementation has reduced all taxes and a few taxes are totally far away from the Indian Market and
therefore the CST has been removed under the GST regime. It feels specialized, once you see your money is
getting saved on your bills. The business cost has also been reduced and totally cut. GST have changed VAT.
Now if you're a business owner, you
don’t need to pay the various amount of taxes in every state. The GST is one legal system for everywhere India,
so you've got obviate other small taxes and amounts.

7. Stock Transfers:

With the shift of taxable event from sales to provide consequentially stock transfers under GST would be taxed
and this scenario would definitely impact few corners and care of key industries like FMCG, Pharma to the
extent of costs savings in procurement, review procurement contracts, impact on free supplies, discount
schemes, impact on product pricing, and therefore, the overall financial impact of GST.

THE NEGATIVE IMPACT OF GST ON FMCG:

1. Transitional credits:

Earlier, FMCG companies had to line up units, in several states to trade within them. The businesses also
received area- based exemptions on taxes. Therefore, FMCG companies had invested heavily in these states to

29
open factories. However, with the introduction of GST, there’s a touch of ambiguity regarding tax refunds to
those players.

2. Frequently changing rates:

In November 2017, tax rejigs on 200 FMCG goods were announced by the GST Council. the shortage of clarity
in tax treatment has led to immense confusion for various FMCG goods. for instance, there's obscurity on
applicable taxes on a ‘buy one get one free’ product. it's also unclear how FMCG companies must apply
promotional schemes.

3. Anti-profiteering issues:

The transitional credits and frequent changes in tax rates have given rise to antiprofiteering issues within the
FMCG sector. Hence, companies haven't been ready to pass the advantages to customers directly. additionally,
there continues to be ambiguity on the way to compute and determine the manufacturer’s profit. Given the
positives and negatives of GST, it's an assortment for the FMCG sector.

4. No input credit on free samples:

In the FMCG industry promotional schemes like Buy 1 Get 1 Free are quite common. Under the previous
regime no VAT had to be charged on free samples, however consistent with sec 17(5) of the CGST Act, an input
decrease won't be available for goods given as gifts or free samples. Non availability of input credit increases
promotional expenses of FMCG companies, which ends up in increasing overall prices of FMCG products

5. Increase capital requirement;

Implementation of GST increased capital costs of FMCG companies, as their payments are becoming blocked at
various levels in value chain. It also increased capital requirements of FMCG Dealers and Wholesalers as
manufactures of FMCG delay their payments thanks to uncertainty about the liabilities and therefore, the tax
sett-off for the supplied goods and services.

30
31
GST REGIME

Frothy valuations

The sharp outperformance in HUL shares means that the stock trades at an expensive 60 times estimates
earnings for FY19

After clocking a double-digit 11% volume growth in the

December quarter, the Street was expecting Hindustan Unilever
Ltd.’s (HUL) volume growth for the March quarter to tone down to
around 7%. After all, the base in the third quarter was low with a4% de-growth in the year-ago period, while
volumes had grown
4% in the year-ago March quarter. But despite the higher base effect, the company reported an11% growth in
volumes again.

32
“Hindustan Unilever is clearly executing at a much higher level than peers. We believe this is partly because it
was perhaps the best prepared for GST (goods and service tax) and hence has made the most of this tailwind for
the organized sector players, “analysts at Kotak Institutional Equities said in a note to clients’ is short for the
goods and services tax.

Besides, its advertising expenses increased by a fourth for

the March quarter, suggesting HUL’s confidence in the operating
environment.

The home care segment performed well, which helped the

company’s overall profit growth as well. The segment recorded
double-digit volume growth and a robust 31% growth in its
earnings before interest and tax (Ebit). Ebit of the personal care segment increased at a much slower pace of
8%.

Overall, HUL’s Ebata increased at a healthy 24% year-on-

year to Rs2,048 crore, while Ebata margin rose a smart 240
basis points to 22.5%. Ebata is short for earnings before
interest, tax, depreciation and amortization.

So far, so good. But the key thing to figure out is whether

HUL’s results indicate that underlying demand has improved. A
look at the results of other fast-moving consumer goods (FMCG)
firms suggest that is not the case. According to Kotak, volume
growth trends reported by sector peers for the March quarter
have been mixed.

Of course, even though HUL has done better than most

peers, its valuations too are stretched. Most FMCG stocks have
outperformed the benchmark Sensex in the past one year and the
company’s shares are no exception to that trend.
33
 The HUL stock trades at a pricey valuation of almost 60
times estimated earnings for this fiscal year, based on Bloomberg data. But it is at least growing earnings at a
decent pace, and the March quarter results could well offer some support to valuations from a near-term
perspective.

What’s more, the good run on the volume front may

continue. After all, the June 2017 quarter volume growth was
flat. Trade sentiment remained cautious, particularly in the run-up to the GST implementation, the company had
said last year at the time of announcing June-quarter results.

With the base favorable for the current quarter, investors

will now follow the extent of outperformance that HUL can
deliver. However, crude oil prices have risen and input costs will start pinching more. That may take some
sheen away from
earnings in the coming quarters.

34
HINDUSTAN UNILEVER SHAREHOLDING PATTERN

Shareholding Pattern - March 2023

Hindustan Unilever Business Segments and Financials

HUL’s revenue can be broken down into three segments:

1. Home Car
2. Beauty & Personal Car
3. Food & Refreshments

The breakup of the revenue for FY23 is shown below.

35
The contribution of the Foods & Refreshment business has increased post the acquisition of GSK Consumer
Healthcare Ltd in 2020. HUL got a ready-made portfolio of health food drinks (HFD) brand Horlicks apart from
Boost, Malt ova, and Viva. Horlicks commands over 60% market share in the country.

Source: Hindustan Unilever Annual Reports (FY20-23) and Q4FY23 Investor Presentation

HUL’s portfolio of brands across its three major segments is as follows:

36
Source: F¥Y22 Annual Report

HINDUSTAN UNILEVER FUNDAMENTAL ANALYSIS

Revenue and Profitability

The company reported a total income of INR 58,154 Cr during the Financial Year ended March 2023, compared
to INR 52,446 Cr during the Financial Year ended March 2022, an increase of almost 16%. HUL has grown its
topline at a CAGR of 11% over the last five years from
FY18 — FY23.

Similarly, the company has posted a net profit of INR 9,962 Cr for the Financial Year ended March 2023 as
against a net

profit of INR 8,887 Cr for the Financial Year ended March 2022. HUL has grown its PAT (bottom line) at a
CAGR of 14% over the last five years from FY18 - FY23.

37
As shown below, the EBITDA margin dipped slightly to 23.4% due to unprecedented inflation during the year
compared to ~25% in the previous years.

The segmental profitability (EBIT Margin) is highest for the Beauty and Personal Care segment, followed by
Home Care and Foods & Refreshments, as shown below for FY23.

Source: HUL Annual Reports (FY20-22) & Q3FY24 Investor

Presentation

38
Source: Q4FY23 Investor Presentation

Return on Capital Employed (ROCE)

ROCE is a profitability ratio that determines how efficiently a company uses its capital to generate profits. The
Return on Capital Employed has dropped since the financial year 2020-21 because of an increase in shareholder
equity due to the GSK Consumer Health Ltd merger.

Source: [Link]
HUL has more than 19 brands with more than INR 1,000 Cr in revenue, of which two brands are more than INR
5,000 Cr, and nine brands are doing business for more than INR 2,000 Crina single year.

39
Source: Q4FY23 Investor Presentation

Hindustan Unilever Share price analysis

HUL is a stock that hasn’t disappointed investors. The company continues to deliver exceptional performance
year after year, which also reflects in HUL’share performance. HUL has
delivered a 10-year CAGR of 16% from INR ~500 on 15tt May
2013 to currently trading at INR 2,640 per share on 15th May
2023.

The IPO price of the stock was around INR 20 per share in
1996, and since then, the company has multiplied invest

wealth by a whopping 132 times. The business has built strong

moats around its brands, distribution, and marketing, which is

difficult to beat. So one can expect the performance to continue

going forward as well.

40
‘TH Tadingview
Source: TradingView

Hindustan Unilever Share Price Target

HUL is a play on consumption growth in India. The

company has pricing power and has proven its ability to effect
price hikes while growing its market share simultaneously. That
is one of the biggest reasons why it has been a strong wealth

generator for the last ten years.

The company has strongly entered the naturals category and

termed it a megatrend. Its acquisition of GSK Consumer’s HFD

41
(Health Food Drinks) portfolio could also aid the overall revenue momentum.

The strong execution of its Winning in Many Indias (WIMI) strategies has led to higher growth for the company
and may drive positive results in the future. The focus on premiumization, particularly evident in Detergents
and Tea, has meant that even these highly penetrated, large categories have grown significantly. The company’s
rigorous focus on cost savings has resulted in an unprecedented EBITDA margin improvement (of over 950bp
YoY) over the past ten years ended in FY22.

Key risks:

 Beauty and Personal care products demand could be affected if working from home becomes more
permanent. As per a recent research report, usage of personal care products dropped in the UK as people
had fewer occasions to use them due to working from home. While it is expected that gradually people
will return to offices in India, a major permanent shift towards working from home can derail the growth
prospects for beauty products for Hindustan Unilever

 High valuations: FMCG companies enjoy higher multiples in India than other sectors due to their
huge growth story and premiumization opportunity. Better return ratios, corporate governance, de-
levered balance sheet, and market leadership mean HUL will always be the leader in the pack and hence
enjoy the best multiples within the FMCG sector. However, if there any structural shift in
consumption/savings patterns owing to COVID, it can lead to the de-rating of multiples for the whole
FMCG industry

 Competition: An increase in competitive intensity from new players like Reliance and Ayurveda-
focused brands like Patanjali can lead to negative surprises in the company’s future performance.

 Increase in Raw Materials and Rupee Depreciation: The risk of high raw material prices
and rupee depreciation can lead to a significant dent in the company’s margin profile.

42
FINDINGS

 GST brought in a more transparent tax structure, replacing multiple indirect taxes. This transparency
enabled consumers to better understand the taxes levied on FMCG products, making it easier to assess
their actual cost.

 The elimination of the cascading effect of taxes under GST has led to a reduction in the overall tax
burden on FMCG products. This was intended to benefit consumers by potentially lowering the prices of
goods.

 While the government aimed to reduce the tax burden on consumers through GST, the actual impact on
product prices was not uniform across all FMCG items. Some products witnessed price reductions,
while others experienced slight increases. GST rate applicable to the specific product category and
manufacturing costs influenced the final prices.

 GST mandated businesses to adopt digital systems for compliance. This technology-driven approach
increased operational efficiency for FMCG companies. In the long run, it was expected to improve cost
management and potentially benefit consumers by optimizing prices.

 During the initial stages of GST implementation, there were logistical challenges faced by businesses,
leading to disruptions in the supply chain. Such disruptions may have affect the availability and pricing
of FMCG products in certain regions, impacting consumers accordingly.

 GST is giving the boost in FMCG companies to contribute the Indian economy. GST helps the FMCG
sector to pool the investments and increase their market share value.
 FMCG products prices would be decreased and companies also giving the benefits to their consumers to
reduced their logistics and transportation cost, it always improving their productions. FMCG companies
encounter the effects of GST i.e. Positive as well as negative impact try to gain the tax Benefits under
GST.

43
SUGGESTIONS

 To ensure consumers understand the impact of GST on FMCG products, continued efforts are required
to raise awareness. The government and consumer organizations can play a crucial role in educating the
public about the benefits of GST and how it affects product prices. Regular monitoring of FMCG
product prices is essential to verify if the benefits of reduced tax burdens are being passed on to
consumers. If there are discrepancies in pricing, appropriate actions should be taken to ensure fair
pricing for consumers.

 Simplification of the GST tax structure for FMCG products could further enhance transparency and
make it easier for consumers to comprehend the tax implications on their purchases.

 The government and relevant authorities should work towards resolving any supply chain disruptions
faced by FMCG companies to ensure steady availability and fair pricing of products for consumers.

 FMCG Sector would also benefit from GST in the form of saving a considerable amount of expenses on
logistics. Distribution cost of the FMCG sector currently amounts to 2-7% of total cost ,which is
expected to drop to 1.5% after implementation of GST.

44
CONCLUSION:

Implementation of GST throughout India (included Jammu and Kashmir) is the biggest change in India. It is an
outstanding step for a comprehensive indirect tax reform in _ India. Implementation of GST has put mixed
impact on FMCG sector. Those FMCG companies whose tax incidence lowered, like Dabur,HUL, ITC have
started to pass on the effect in the form of low prices. Changes in GST rates on regular intervals is very fruitful
for some firms but not for other firms in the FMCG industry. GST may become game changer in the long run
for the FMCG sector and may also have deep impact on Indian economy as well. But the short-term impact
reveals that GST has failed in bringing down overall cost of commodities, interestingly cost of some products
has increased much more than cost of pre-GST regime.

GST has had a mixed impact on FMCG products from the perspective of consumers in Mandya District. While
it aimed to reduce the overall tax burden and bring transparency to the tax system, the actual impact on product
prices varied. Some consumers benefitted from lower prices, while others might not mhave experienced
significant changes. Continued efforts in consumer awareness, price monitoring, and addressing logistical
challenges can help ensure that the intended benefits of GST reach consumers in the FMCG sector more
effectively. As the implementation of GST matures; it is expected to bring greater efficiency to businesses,
which could eventually translate into more competitive pricing and improved availability of FMCG products for
consumers.

45
REFERENCES

Impact of GST on FMCG industry, (2016, September 7). Retrieved from [Link]
on- fmcg-industry/

Dr. Mohan Kumar and CA Yogesh Kumar “GST & it’s Probable Impact on the FMCG Industry in India”
Retrieved from International Journal of Research in Finance and Marketing (IJRFM) Vol. 7 Issue 4, April -
2017, pp. 183~193 ISSN (0): 2231-5985.

R Hiremani Naik and Sudina T A “A Study on Perspective Impact of GST on FMCG Sector in India” Retrieved
from International Journal of Research in Business Studies ISSN: 2455-2992, Vol. 2 (2), Dec. 2017.

Indian FMCG market-2020

WEBSITE

* [Link]
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http: / /[Link] /archives/publicaciones/

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