How to return value of the identity column after an insert in SQL server

Table MyTable with Id as an IDENTITY column (auto insert records)

CREATE TABLE [dbo].[MyTable] (
[Id] int IDENTITY(1, 1) NOT NULL,
[Component] varchar(50));

A Sample procedure that inserts a record and returns the id of the record inserted

CREATE PROCEDURE [dbo].[InsertRetId] 
@Component [VARCHAR](50),
@Id int output
AS
BEGIN

INSERT INTO [dbo].[MyTable]
           ([Component]
     VALUES
           (@Component);

select @Id = Scope_Identity();

END