Hey
Adityasood7,
No one can doubt that a higher score can only improve your chances. That said, the two important points to consider here:
1. Assuming you don't have unlimited time, and any time spent on getting a higher GMAT score takes away that time from your application prep, do you get a higher ROI from a higher GMAT (in terms of better chances at admissions/ scholarships) than spending the same time on improving other components of your application esp your overall Application, AND your accomplishments, both at work, and off-work.
2. The GMAT score, all said and done, represents one (and ONLY ONE) aspect of your application. While the stats you have quoted sound decent for basic hygiene/ qualifications, if any of the other parts viz. your resume, career goals, LORs, compelling narratives in your essays, demonstrated evidence of leadership are not shaped well, the highest scores in your GMAT/GRE will still not get you in.