We use the expression ‘It’s time’ in English to talk about an event in the near future. However, the grammar aspect of the phrase is in the past tense. Here are some examples.
‘It’s late, it’s time we caught our train’.
‘It’s time I had my hair cut’.
‘It’s time I went home’
‘It’s time they learnt the difference between definite and indefinite articles’
The general rule here is the expression ‘It’s time’ + personal pronoun+past simple of the verb.

