Apple today issued an update to its music creation software, GarageBand, for iOS. Version 1.3 includes support for importing songs from the device's music library, playing or recording in the background with an iPhone 4S/iPad 2 or later, bug fixes, and above all, ringtone creation. It seems that Apple has finally brought a feature users have been asking for since the inception of the iPhone. Indeed, there are many third-party apps designed to make ringtone creation easy, but Apple has never had its own.
The only problem with GarageBand as a ringtone creator, however, is its size. The current version of the app is a 560 MB download and will take up more space on the device than getting a ringtone is worth. Apple should have simply designed a ringtone creator for iOS 6 that was included in the operating system, or at least one that's available for free in the App Store. This solution is fine for users with little content, but not for ones who actually use their devices.
Source: GarageBand for iOS