Would getting suspended affect my chances of getting into a good university?

It won't help but the fact that you are in eight grade is in your favor. Mostly, colleges don't look back past high school. Just stop the stupidity and you should be OK...And, to India Indians it is a good luck symbol. To the rest of the world, it is Nazi hatred. So, if you aren't Indian, just say it was wrong and move on. Don't try to justify it. It will only make people angrier.