MUMBAI, April 3 -- Even as debt and fiscal deficit rose sharply in the last two years, Maharashtra's revenue in FY25-26 fell significantly across key heads - Goods and Services Tax (GST), excise duty, motor vehicle tax, and stamp duty and registration of properties. This led to a revenue shortfall of around Rs.41,000 crore against budget estimates, slowing capital expenditure and development projects. Provisional figures at the end of the financial year put total revenue receipts at Rs.5.60 lakh crore, falling short of the revised estimate of Rs.6.01 lakh crore from a budget estimate of Rs.5.60 lakh crore, largely due to underperformance by major departments. Stamp duty and registration collections were Rs.61,283 crore, below the budget estimate of Rs.63,500 crore and revised estimate of Rs.68,032 crore. Excise duty collections were Rs.30,500 crore, missing the budget target of Rs.32,575 crore and revised estimate of Rs.34,169 crore by over Rs.2,000 crore. GST collections, at Rs.2,51,256 crore, marginally exceeded the budget estimate of Rs.2,50,519 crore but remained below revised projections Rs.2,57,910. Similarly, vehicle tax collection was Rs.16,100 crore, more than the budget estimate of Rs.15,606 crore but well below the revised estimate of Rs.17,089 crore. Officials attribute the shortfall to a slowdown in key sectors and "overambitious targets". According to an official with the state finance department, "Excise targets were unrealistic despite hikes in liquor rates. A slowdown in real estate hit stamp duty collections in March, a crucial month. Even against revised estimates, collections were weak." The revenue gap has impacted overall spending. The state utilised only 67.7% of its total budget outlay for FY25-26, spending Rs.6.83 lakh crore against Rs.9.24 lakh crore. Department-wise, industries, rural development and urban development spent over 80% of allocations, while the environment and housing departments spent less than 45%. Social sector departments including women and child welfare, social justice and tribal development recorded 74-83% utilisation, driven largely by the Ladki Bahin scheme, with a monthly outgo exceeding Rs.3,600 crore. Despite record borrowings above Rs.1.38 lakh crore, capital expenditure fell to Rs.98,000 crore against Rs.1.17 lakh crore, with contractor payments deferred and Rs.62,031 crore spent on interest. Supplementary demands expanded the Rs.7.2 lakh crore budget, while January cuts of up to 30% hit discretionary spending. Officials expect higher receipts and expenditure post-reconciliation. Analysts warn reduced capital spending may slow growth and raise future borrowing pressures in the coming fiscal cycle....