India's Central Board of Indirect Tax and Customs (CBITC) has issued Notification 16/2023 on the Special Additional Excise Duty (windfall tax) on domestic production of crude oil (petroleum), which has been reduced from INR 3,500 to INR 0 (Nil) per tonne with effect from 4 April 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 windfall tax on aviation fuel was reduced earlier from …