Wrong ITC claim in 2019-20

A party incorrectly claimed Input Tax Credit (ITC) worth £215,000 in October 2019. The user is seeking advice on how to rectify this error to avoid interest and penalties. The recommended solution involves reversing the incorrect ITC using Form DRC-03. If the ITC was already utilised, interest will be payable from the date of utilisation to the reversal date, but reversing before a show cause notice can prevent penalties.