Reverce ITC through filing of DRC - 03

Yes you can.....,

whether DRC 03 available online?
DRC 03 is mandatory for reverse ITC.

DRC 3 is available on portal

No you can also reveres the ITC in GSTR3b,
yes its option available can also reverse ITC by filing DRC 03

Adjust it in gstr 3b, drc 3 is for making payment against notice u/s 73 or 74 not for reversal of credit

As per section 73(1)
Where ITC has been wrongly availed or Utilized for any reason other than the reason of fraud.
As per section - 73(5)
Before serving of notice by department you can pay tax along with interest @ 24%pa as per section-50(3) using above said DRC-03 Facility and also need to inform the proper officer in writing of such payment.

If this is the entity having Refund - u advised not to reverse in GSTR-3B because it will reduce eligible ITC of month ur going to reverse and again u cant claim refund of above 1,10,000.

Every month i have excess itc on gst portal (More than 1.5 lakh) and today my total itc on gst portal is 313700.
When i reverce my itc through DRC 03 then i have to laible to pay interest if i am not utilising the itc which i have wrongly claim.

@ Gupta Golavarapu
if the Taxpayer has wrongly claimed the ITC which is being reflected in his credit ledger then why cant he reverse the same in 3b.
Even thoufh a circular was issued in regard to reversal of inadmissible transitional credit through Table 4(B)(2) of FORM GSTR-3B. (Circular no.58/32/2018) , so i think it can be reverse in 3b also , but... as 3b is interim form & ultimately in future option for such reversal will be made by DRC 03 only but as of now you can also reverse the same under 3b

I m not able to reverce credit through gstr 3b because my purchase itc is only 10,000 to 15000 per month

In 3B show it under Table 4 Row B(2 ) Reverse ITC (others) as suggested in above said circular
And
Interest on same can shown Under Table 5.1