India's Central Board of Indirect Tax and Customs (CBITC) has issued Notification 34/2022 on the Special Additional Excise Duty (windfall tax) on domestic production of crude oil (petroleum), which has been increased from INR 8,000 to INR 11,000 per tonne with effect from 16 October 2022. The Windfall tax was introduced with an initial rate of INR 23,250 per tonne with effect from 1 July 2022 …