This is why you usually find stalactites and stalagmites in pairs, and sometimes they'll even grow together to form one big column. There are many limestone caves around the world famous for their displays of dripstone, including Carlsbad Caverns in New Mexico, Timpanogos Caves in Utah, Mammoth Cave in Kentucky and Jenolan Caves and Buchan Caves in Australi.
Procedure 1  : GST received from customers: 2  It is a Liability to the Government. 3  You owe it to the Government. 4  Liability is increasing. 5  Credit the GST Clearing Account. 6  GST Paid to Suppliers by your business: 7  It is an asset to you.8  Government has to pay this back to you. If the GST Account has a credit balance. 2  It is a liability. 3  Remit that amount to the Govt. 4  The GST account acts both as an Asset account or Liability account, depending on the balance.
The form required for a GST is the same form as the federal gift tax return form, Form 709. Direct vs. Indirect Skips. The taxation of a GST depends on whether the transfer is a direct or an indirect skip. A direct skip is a property transfer made to a skip person that is subject to an estate or gift tax.An example of a direct skip would be a grandmother gifting property to a grandchild.The transferor, or his or her estate, is responsible for paying the GST tax for direct skips. (Many people try to avoid this process altogether, making things difficult for heirs. generation-skipping transfer (GST) refers to the shift of property by gift or at death to a person who is two or more generations below that of the person granting the gift. The person giving the gift is referred to as the transferor and the recipient is known as the skip person.