Online retail prices of consumer goods have seen a net 7-10 percent correction following the September 2025 Goods and Services Tax (GST) rate cuts, according to an analysis by QuantEco Research.
Despite partial reversals, QuantEco notes that the overall impact remains meaningful, “A 7-10 percent correction in prices on a net basis so far, being considerable.”
The report adds that the impact of GST price cuts could linger beyond one inflation print, and that a clearer picture will emerge by the end of calendar year 2025.
The survey has been based entirely on Amazon price data. The analysis tracked price movements between September 1 and early November 2025.
The report — “GST induced cuts: Price discovery continues” — finds that the median price reduction immediately after the GST cut was 16.4 percent, but nearly 6.3 percent of that drop has already been reversed, especially among medium- and low-priced goods.
High cuts, partial rebounds
The QuantEco team tracked a short-listed list of products on Amazon that benefited from GST rate rationalisation in September 2025.
The analysis shows sharp post-GST price drops followed by partial rebounds across several popular items. For instance, an LG 55-inch TV model saw its price fall from Rs 59,990 to Rs 43,990 – a 26.7 percent decline that has held steady since. A Samsung Galaxy smartphone model fell from Rs 34,990 to Rs 29,999 (–14.3 percent) but has since climbed back to Rs 33,990, marking a 13.3 percent reversal. Similarly, the Dell laptop dropped from Rs 57,390 to Rs 47,990 (–16.4 percent) and then recovered to Rs 52,800 (10 percent reversal). Everyday items showed even sharper swings – a juicer mixer model fell from Rs 1,600 to Rs 1,398 (–12.6 percent) before rebounding to Rs 1,599 (14.4 percent reversal), while a Lego toy plummeted from Rs 2,399 to Rs 1,648 (–31.3 percent) and later surged to Rs 2,679 (62.6 percent reversal).
According to the report, “the median price reduction post GST cut was 16.4 percent. Of this, nearly 6.3 percent has been reversed so far – reversal pronounced for medium and low price items.”
Price discovery in motion
QuantEco describes these movements as part of an ongoing “price discovery” process in the post-GST environment. The report observes, “If online prices are a good trend, then there are nascent signs of GST induced price cuts not sticking in full in many sectors.”
It attributes the partial reversal to a mix of festive season demand, efforts by sellers to recoup losses on pre-cut inventory, and the impact of rupee depreciation.
Data confined to online listings
The report clearly defines its scope and limitations. “Data has been drawn from only one online platform (Amazon). Comparable data from other platforms was not available.”
It further cautions that “products not sold online (auto, services) or with limited online sales (perishables, FMCG) are outside the scope.”
Thus, the 7–10 percent correction figure represents trends in online retail, not the broader offline market.
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