Hi vishwajeetarora,
First off, a 660/Q48 is a strong Score, so it could be enough to get you into your first-choice School. As such, a retest might not be necessary. Depending on the Schools that you plan to apply to, you would likely find it beneficial to speak with an Admissions Expert about your overall profile. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/There's certainly no harm in retesting though - and you have the potential to pick up points in BOTH the Quant and Verbal sections. Before we discuss the data in your ESR, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long have you studied? How many hours do you typically study each week?
2) What study materials have you used so far?
3) On what dates did you take EACH of your CATs/mocks and how did you score on EACH (including the Quant and Verbal Scaled Scores for EACH)?
Goals:
4) When are you planning to apply to Business School?
5) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich