The most common and most likely answer to this crossword clue is the 5 plus 3 letter word FEAST DAY
I've seen this crossword clue in Financial Times
F
E
A
S
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More clues leading to the result FEAST DAY
- Religious celebration, or its opposite without English input?
- Maybe Christmas fairy’s touring dates adjusted
- Fellow, say, getting off with date? It’s time to celebrate
- Perhaps safety poster held back an annual celebration
- Provided banquet about a saint? Yes, on this occasion
- Fellow's steady management around a celebration
Buddy explains!
The straight part
We know that "It’s time to celebrate" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case it’s time to celebrate = feast day.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.