Today, the 1st of May marks the day we celebrate as International Workers’ Day or Labour Day dedicated to the working class across a majority of the world. The origin of this day can be traced back to the Haymarket affair at Chicago on 4 May 1886 when labour unions in the USA went on a strike to cap the work hours to 8 hours per day. Following a bomb blast during the strike, the police opened fire on the crowd resulting in the death of 4 of the demonstrators. Labour Day began as a day to commemorate the work and lives of these workers. By 1891, May Day came to be acknowledged as an annual international event. In fact, India saw its first Labour Day celebration on 1 May 1923 in Madras (Chennai) by the Labour Kisan Party of Hindustan. While our history is rife with exemplary people who have beaten all odds to achieve the impossible, this Labour Day we at KredX salute the silent fighters who support these exemplary people and who’ve made their mark in this work through their tireless work and undying spirit. One such person is Sindhutai Sapkal, the “Mother of Orphans” to over 1400 children.
Tech giant, Apple Inc.’s plans to set up an iPhone SE manufacturing plant in Bengaluru is still in talks. The iPhone maker’s request for tax relief and exemption from customs duty on imported components and equipment for 15 years is being looked into by the Ministry of Commerce and Industry, and the Ministry of Finance. The PMO is expected to make the final decision about the proposal, though it is expected to be a favorable one. If Apple has its way, would it have a positive impact for the country and the SME industry in particular?
On 19 December 2014, the Goods and Service Tax (GST) Bill was introduced in the Parliament for the first time. GST promised a unified market and an unparalleled economic growth that India had never witnessed before. But amidst all that, the idea of GST in the years since it was first introduced, underwent multiple changes at the hands of bureaucratic committees. It is common for reforms of this magnitude to be debated over and continuously evolve, but will the decision to introduce six different tax rates instead of a single tax rate dilute the effect of GST?
Ever had a “Eureka” moment when you’ve hit upon a million dollar idea? But then you shrug off the idea because it’s completely absurd. Well, have we got news for you! Often, it’s the most ridiculous of ideas that work and go on to make millions! Below is a list of our favorite ridiculous business ideas that made their owners millionaires.
It’s common knowledge that businesses face cash crunches and issues with capital from time to time. With money issues comes a myriad of other issues that may lead to defaulting of loans and economic offences. Such issues can come knocking on your door anytime, whether you are a seasoned businessman or a first time entrepreneur. And nobody wants to find themselves tagged as a “big time” economic offender. So what can you do to ensure that you don’t find yourself in such a situation?
It isn’t everyday that you come across a barber who owns a Rolls Royce and still cuts his customers’ hair for Rs.150! If there’s one person that the old proverb, “fortune favours the brave” tells a story about, it’s Ramesh Babu, the billionaire barber in Bengaluru with a fleet of luxury cars.
Nobody epitomizes the quintessential rags-to-riches story better than PC Mustafa, the man behind the Rs. 100 crore idli and dosa batter brand, iD Fresh. Born into an illiterate family, Mustafa was no stranger to hardships and yet he fought against all odds to achieve the seemingly impossible.
Post GST into effect, SMBs in India will not use multiple points and application software for accounting, but rather upload invoices on the GST Network (GSTN). GST will completely restructure the way India does business. As the name suggests, GSTN is a network for Indian Businesses to upload their invoices for Tax processing and availing tax benefit.