On 2 January 2023, the Central Board of Indirect Tax and Customs (CBITC) of India has issued a Notification No. 01/2023 regarding the imposition of a Special Additional Excise Duty, known as the windfall tax, on domestic production of crude oil. The Special Additional Excise Duty on domestic crude oil production has been increased from INR 1,700 to INR 2,100 per tonne, effective on 3 January 2023. The notification mentions that the windfall tax on aviation fuel has been raised from INR 1.5 to INR 4.5 per liter.
Additionally, the CBITC has released Notification No. 02/2023 announcing an increased windfall tax on diesel from INR 3.5 per liter to INR 5.0 per liter, effective as of January 3, 2023.
