I had Garage Band in Snowleopard which had option to create podcast. I upgraded OSX and get new Garage Band which does not have such option. What should I do now?
If you have a backup, you can use the older version of it: it should work fine. Alternatively, you could use a number of other tools: the older podcast creation apps, any number of audio editing suites, etc. It largely depends on why you want to use a given app and why.