NAVIGATING MARITIME LAW IN FOREIGN TRADE: BALANCING COMPLIANCE WITH THE INCOME TAX ACT AND GST REGULATIONS FOR INTERNATIONAL SHIPPING AND TRADE OPERATIONS

In the times when world is grappling with trade wars and protectionism, no country can desist itself with the overpowering nature of globalisation. It is a matter of the fact that 80-90% of the international trade happens through the route of the high seas. In order to ensure the facilitation of world trade, it is required that trader as a stakeholder should ensure the compliance of rules and regulations of maritime law. Additionally, the stakeholders in the entire process should ensure that compliance with respect to international trade practices and tax laws including custom regulations of the respective countries should be adhered to. The chapter navigates the various challenges and opportunities for the various stakeholder and also analyses the intersection of the maritime and tax law in the entire process