CobraKai
Depends...if your GMAT is already 720+ (I'm saying 720 because it looks like you're in the Indian pool), then I'd say a higher GMAT doesn't have much use. Promotion is good, but I think more importantly it gives you better leadership content to write about in your essays or talk to in your interviews.
Using myself as an example, if I were to re-apply next year (I'm not because I'm already 30+...need to get moving!), I wouldn't take the GMAT again. My 700 was either at the average, or less than 20 points below it at my target schools, and my quant score was above the 80th%ile. I doubt I would have more significant work experience to talk about. But after four applications, I'm confident I could write much better essays to convey all the cool things I've done to the Adcom. I think that's the biggest X-factor, and I bet you could write better essays next year after having gone through the wringer once already.
I am indeed from India and my score is 680 , a 40 point improvement is not guaranteed and I have been in this process for two years now , I would say that this latest year I have had better results , But I wont be able to generalize. I am also aware that the time consuming and the grilling process of apps is not viewed favorably by many. My recomenders just put up their hands in despair and told me to stop it

. I fear what it would be like next year :D. I know lot of compromises have to be made if you are stepping out of your home country. Job security becomes essential and tech companies are the least painful companies in that aspect. But at the same time I do feel that I would waste my consulting experience if were to go to a tech company post MBA.
That's tough but my recommenders are so happy I'm matriculating this year even if it just means they don't have to write anything for me again this fall. They've been at it for awhile and at some point you have to accept that where you are is where youre going to end up.