I have purchased one year license. Do I have to do anything now ?

Hi there,

Thanks for renewing!

Make sure auto update is activated:
https://docs.generatepress.com/article/updating-gp-premium/#activating-updates

And that you are using the latest version of the free theme and premium plugin:
https://docs.generatepress.com/article/generatepress-and-gp-premium/

Let me know if you need more info :)