Business
Hospitality bosses urge government to lower taxes as ‘shocking’ data revealed
Almost four-fifths of pubs, restaurants and bars say they have increased their prices after Budget cost hikes, while more than half of firms have axed jobs in a bid to help their finances.
The new data from the UK hospitality sector’s trade bodies have led industry bosses to warned that firms across the UK are being squeezed by “unsustainable” taxes.
They have now urged the government to relax taxation on the sector at the autumn Budget.
The survey of members of the British Institute of Innkeeping (BII), the British Beer & Pub Association (BBPA), UKHospitality and Hospitality Ulster shed light on the pressures being felt by hospitality operators.
It found that 79 per cent of operators have increased prices as a direct result of increases to operating costs in April.
It also showed that 73 per cent of respondents have less than six months of cash reserves, with one in five having no cash reserves at all.
The data comes after firms were impacted by increases to the national minimum wage, national insurance payments and business rates payments.
In April, the national living wage rose by 6.7 per cent to £12.21 an hour for workers aged 21 and older.
At the same time, the government increased the rate of employer national insurance contributions (NICs) from 13.8 per cent to 15 per cent and also lowered the threshold at which firms would pay the tax.
Many pubs were also hit by changes to discounts on business rates, the property tax affecting high street businesses.
Hospitality businesses received a 75 per cent discount on their business rates bills up to a cap of £110,000 but saw this cut to only 40 per cent in April.
Earlier this week, analysis of separate government data showed that 209 pubs shut their doors for good in the first six months of this year.
Bosses said the Chancellor needs to look at changes to VAT, business rates and NICs to ease the burden of firms.
In a joint statement, the trade bodies said: “This shocking data reinforces the urgent need for government to recognise the incredible pressure hospitality businesses have been put under, particularly since April, and illustrates why it should come forward with measures to support this vital sector at the Budget.
“Unsustainable tax increases are squeezing businesses, stifling growth and investment, and threatening local employment, especially for young people.
“It is forcing businesses across the sector to make impossible decisions to cut jobs, put up prices, reduce opening hours and sadly limit the support they desperately want to give their communities.
“Hospitality is united in which measures will reverse this trend and drive growth: a reduction in VAT for hospitality, changes to employer NICs and permanently lower business rates for the sector.”
Business
Gross GST collections for November stand at over Rs 1.70 lakh crore; up 0.7 per cent – The Times of India
GST collections: The Gross Goods and Services Tax (GST) collections for the month of November came in at over Rs 1.70 lakh crore. This is a rise of 0.7%, according to official data.SBI Research in a report in November had estimated that the gross domestic GST collections may come around Rs 1.49 lakh crore for November 25 (returns of October 25 but filed in Nov’25), a YoY growth of 6.8%.“Coupled with Rs 51,000 crore of IGST and cess on Import, the November GST collections thus could cross Rs 2.0 lakh crore, driven by the peak festive season demand led by lower GST rate and increased compliance while most of states experience positive gains,” SBI Research had said.This story is being updated
New Delhi: Several crucial deadlines have been extended in December 2025, including ITR for tax audit cases, ITR filing and PAN and Aadhaar linking. These deadlines will be crucial in ensuring that your financial affairs operate smoothly in the months ahead.
Here is a quick rundown of the important deadlines for December to help you stay compliant and avoid last-minute hassles.
ITR deadline for tax audit cases
The Central Board of Direct Taxes has extended the due date of furnishing of return of income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26 which is October 31, 2025 in the case of assessees referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to December 10, 2025.
Belated ITR filing deadline
A belated ITR filing happens when an ITR is submitted after the original due date which is permitted by Section 139(4) of the Income Tax Act. Filing a belated return helps you meet your tax obligations, but it involves penalties. You can only file a belated return for FY 2024–25 until December 31, 2025. However, there will be a late fee and interest charged.
PAN and Aadhaar linking deadline
The Income Tax Department has extended the deadline to link their PAN with Aadhaar card to December 31, 2025 for anyone who acquired their PAN using an Aadhaar enrolment ID before October 1, 2024. If you miss this deadline your PAN will become inoperative which will have an impact on your banking transactions, income tax return filing and other financial investments.
Business
Stock Market Live Updates: Sensex, Nifty Hit Record Highs; Bank Nifty Climbs 60,000 For The First Time
Stock Market News Live Updates: Indian equity benchmarks opened with a strong gap-up on Monday, December 1, touching fresh record highs, buoyed by a sharp acceleration in Q2FY26 GDP growth to a six-quarter peak of 8.2%. Positive cues from Asian markets further lifted investor sentiment.
The BSE Sensex was trading at 85,994, up 288 points or 0.34%, after touching an all-time high of 86,159 in early deals. The Nifty 50 stood at 26,290, higher by 87 points or 0.33%, after scaling a record intraday high of 26,325.8.
Broader markets also saw gains, with the Midcap index rising 0.27% and the Smallcap index advancing 0.52%.
On the sectoral front, the Nifty Bank hit a historic milestone by crossing the 60,000 mark for the first time, gaining 0.4% to touch a fresh peak of 60,114.05.
Meanwhile, the Metal and PSU Bank indices climbed 0.8% each in early trade.
Global cues
Asia-Pacific markets were mostly lower on Monday as traders assessed fresh Chinese manufacturing data and increasingly priced in the likelihood of a US Federal Reserve rate cut later this month.
According to the CME FedWatch Tool, markets are now assigning an 87.4 per cent probability to a rate cut at the Fed’s December 10 meeting.
China’s factory activity unexpectedly slipped back into contraction in November, with the RatingDog China General Manufacturing PMI by S&P Global easing to 49.9, below expectations of 50.5, as weak domestic demand persisted.
Japan’s Nikkei 225 slipped 1.6 per cent, while the broader Topix declined 0.86 per cent. In South Korea, the Kospi dropped 0.30 per cent and Australia’s S&P/ASX 200 was down 0.31 per cent.
US stock futures were steady in early Asian trade after a positive week on Wall Street. On Friday, in a shortened post-Thanksgiving session, the Nasdaq Composite climbed 0.65 per cent to 23,365.69, its fifth consecutive day of gains.
The S&P 500 rose 0.54 per cent to 6,849.09, while the Dow Jones Industrial Average added 289.30 points, or 0.61 per cent, to close at 47,716.42.
India’s logistics push puts fashion in the fast lane
Here’s what Elon Musk thinks about H-1B visa: ‘Stop the gaming’
Southeast Asia storm deaths near 700 as scale of disaster revealed
-
Sports1 week agoWATCH: Ronaldo scores spectacular bicycle kick
-
Entertainment1 week agoWelcome to Derry’ episode 5 delivers shocking twist
-
Politics1 week agoWashington and Kyiv Stress Any Peace Deal Must Fully Respect Ukraine’s Sovereignty
-
Business1 week agoKey economic data and trends that will shape Rachel Reeves’ Budget
-
Tech6 days agoWake Up—the Best Black Friday Mattress Sales Are Here
-
Politics1 week ago53,000 Sikhs vote in Ottawa Khalistan Referendum amid Carney-Modi trade talks scrutiny
-
Fashion1 week agoCanada’s Lululemon unveils team Canada kit for Milano Cortina 2026
-
Tech6 days agoThe Alienware Aurora Gaming Desktop Punches Above Its Weight