by Manufactured items are products created by assembling or processing raw materials or components. In the GST regime, businesses that engage in manufacturing or production activities need to account for the GST implications of these processes.
- Record the manufacturing entry in Tally Prime:
- Debit: Finished Goods Account (Smartphones) – Value of the manufactured smartphones
- Credit: Raw Material Accounts (Screens, Processors, Batteries) – Value of the raw materials used
- Credit: Work-in-Progress Account (if applicable) – Value of the manufacturing labor and overheads
- Verify that the manufacturing entry is correctly recorded.
- Generate relevant GST reports in Tally Prime to include these manufactured items in your tax return
