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How to record Goods & Service Tax

GST has been introduced in many countries for many years. It might have other names in other countries or similar concept for its implication. Recording it might be a bit of confusion for some. The best way of recording it is to split it into 2 parts -

1. GST Collections
2. GST Outlays

The main characteristics
GST Collections are - 
+ Recorded as liability
+ Collected from buyers, clients, customers

GST Outlays - 
+ Recorded as asset
+ Claimbale from tax office

It should be carefully collected and paid to prepare accurate financial statements. Have this as a solid base in mind for your future calculations. 

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