AbhiJ
If you are applying to business school, you need to as best as you can on the GMAT. GMAT is the cake and TOEFL is the icing

. If your cake is NOT good no matter how good is your icing it won't sell. Once you nail the GMAT you can improve the TOEFL. Having said that would suggest you to look at the acceptance rates/ GPA requirement in the concerned program. My guess its the acceptance rate is like (2-3) %,
Yeah the acceptance rate is 3 % , i found that the average students accepted got a GPA of 3.7 , and i have a GPA of 3.92. GMAT for average students is something like 700 , 700 and sth. So if i got a higher GMAT than the average and a higher GPA as well, will i need to retake it?

and thank you so much for ur reply
Given the acceptance rate and if you have time, see no harm in improving your score. Why do you want to give them any reason to reject your profile ?
Having said that if you score 750 in GMAT that will greatly improve your chances. Please note that there are many hidden information such as GPA from where. If someone gets a 3.7 studying Computer Science at MIT/Economics at Princeton then it will assumed much better that say 4.0 Studying History/Fashion at University of Sunny Buffalo. BTW I am not an Admission consultant so take my words with a grain of salt.