Cellphone industry might face fall down after increment in GST rate
After the council meeting , the smartphone industry in India is already starting to oppose the government’s decision to increase the goods and service tax (GST) on mobile phones and some components. According to them, GST increase for phones from 12% to 18% might crumble the industry as everyone will be forced to increase prices now. Consumption will be stymied and domestic consumption target set by the industry, of $80 billion (₹6 lakh crore) by 2025 will not be achieved. It will be fallen short by at least ₹2 lakh crore.
The industrialist has been requesting to at least exempt smartphones upto ₹15,000. In the current situation where coronavirus hit the people ,sellers in India have been already struggling to keep supplies up due to shutdowns in China.