GST returns and accounts of firms to be audited for the first time; June 30 last date to file returns India Inc. is gearing up to face the first test of their goods and services tax filings, with the authorities looking to initiate audits by picking up returns for risk-based assessment from July. “There is a direction that the audits should begin in July,” a government official said. The audit is significant because this is the first time that GST returns and the accounts of companies will be scrutinised for compliance levels and the positions they had taken — whether they had interpreted tax provisions correctly and paid tax — after GST was introduced in July 2017. However, tax experts have called for the authorities to adopt a moderate approach during the reviews. Companies are required to file two returns by December 31, following the financial year ended March, although for FY18, the deadline was extended to June 30, 2019. The returns are the GSTR9, or the annual return, a