has vs had

Had. Expressions starting 'it is time that...' are used when we wish to convey the idea that some action should be done now and is somewhat late. The verb for the action is in the simple past tense. This is an example of the past subjunctive. To say that the required action is very late we can use "it is high time...' or 'it is about time'.

It's time you went to bed. You'll have to get up early tomorrow.

Your car is dirty. It is time you washed it.

I have been working for six hours. It is time I had a break.

The house is burning. It is high time I got out.

John is a thief and a liar. It is high time you realised that.

It's high time I bought a new pair of jeans.

It's about time this road was completed. They've been working on it for months.

When we say that the right time has arrived for something and we are still in time, we can use the infinitive like the following patterns:

It's time (for you) to go to bed.

It's time to say goodbye.

It's time for breakfast.

Thanks, contrex, for the explanation and example sentences.

Correction: this example I gave has no verb.

Then it should be "It's time for us to have breakfast. Right? Thanks.

The contraction of "it's" contains the verb "is".

Yes. I meant that the example I gave, 'It's time for breakfast', while legitimate, has no explicit infinitive form verb of action like the others in that section of my earlier reply. It is equivalent to 'It's time for (us, you, me, them, etc) to have breakfast'.