Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
Chinese smartphone maker Realme on Wednesday announced that it has increased its smartphone prices following the Indian government's move to increase GST rate from 12 per cent to 18 per cent, which came into effect from April 1.
Realme 6 (4GB+64GB) model which was earlier priced at Rs 12,999 will now cost Rs 13,999 -- up by Rs 1,000.
Realme X2 (4GB+64GB) which was priced at Rs 16,999 will now cost Rs 17,999 -- a price hike of Rs 1,000.
Meanwhile, Realme XT (4GB+64GB) which costs Rs 15,999 will now be available for Rs 16,999.
"We sincerely hope you will continue to support not only us but also the whole smartphone industry, for more amazing technologies and surprises in the future," the company said in a statement.
According to the company, the COVID-19 pandemic has highly impacted the smartphone industry, leading to a price hike of components and supply shortage.
Additionally, the Indian rupee rate has been continuously fluctuating and facing depreciation currently.
"The value of money smartphone players like realme which have been very price competitive and refrained from increasing any prices thus far, will have no choice but to increase the prices to match the GST hike," said Neil Shah, Vice President, Research at Counterpoint.