There is an error on your JSON string
<?php
$response='{"Data":
[{"item_name":"FL001(1)","Qty":"50","color":"red","Rate":"50","Amt":"2500"},
{"item_name":"FL001(1)","Qty":"50","color":"red","Rate":"50","Amt":"2500"},
{"item_name":"FL001(1)","Qty":"50","color":"red","Rate":"50","Amt":"2500"}]}';
//this two closing brackets you are missing^^
$parsed = json_decode($response, true);
$what_you_need = $parsed["Data"];
//example output with a loop
foreach($what_you_need as $key=> $value){
echo "key: ".$key //key
. ", item_name: ".$value["item_name"]."</br>" //item name + a linebreak
."Qty: ".$value["Qyt"] //Qyt value
.", color: ".$value["color"] //color
.", Rate: ".$value["Rate"] //rate
.", Amt: ".$value["Amt"]."</br></hr>"; //Amt + linebreak and header row
}