India's Central Board of Indirect Tax and Customs (CBITC) has issued Notification No. 01/2023-Central Excise on the Special Additional Excise Duty (windfall tax) on domestic production of crude oil (petroleum), which has been increased from INR 1,700 to INR 2,100 per tonne with effect from 3 January 2023. The Windfall tax was introduced with an initial rate of INR 23,250 per tonne with effect from 1 July 2022 and has since been adjusted multiple times. The notification also provides that the…