A GUIDE TO TAXATION OF THE MANUFACTURING SECTOR.
VOL 1, ISSUE 3 FY 2022-2023
AN OVERVIEW
Manufacturing is a process of physically or chemically transforming raw materials, substances, or components into new products. The raw materials, substances, or components transformed are products of agriculture, forestry, fishing, mining or quarrying as well as products of other manufacturing activities.
IT INVOLVES;
According to the International Standard Industrial Classification of all Economic
Activities (ISIC), manufacturing involves substantial alteration (fabrications, welding,
moldings, mixing), renovation or reconstruction of goods using power-driven machines and materials-handling equipment. It also includes transformation of materials or substances into new products by hand, or heavy machinery at factories or in the worker’s home, etc.
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