Hiking GST on phones to 18% will crumble industry: Xiaomi India MD

Xiaomi India MD Manu Kumar Jain said the GST increase on phones from 12% to 18% announced by Finance Minister Nirmala Sitharaman would "crumble" the industry. Earlier today, GST Council hiked the GST rate on mobile phones and certain parts. "The industry is already struggling with depreciating INR and supply chain disruption due to Covid-19," Jain said.