Hi Abhiramroy11,
To answer your immediate question: YES - a high GMAT Score could potentially help you to earn a Scholarship. That having been said, the type of Score that you might "need" will probably vary depending on the Scholarship - and that Score will probably not be the only factor, so to properly plan out your approach to the GMAT (and to your applications), we need to better define your timeline and your goals.
Are you just beginning your GMAT studies or have you put in some study time already? If you're just beginning, then it would be a good idea to take a FULL-LENGTH practice CAT Test; you can access 2 for free from
www.mba.com (and they come with some additional practice materials). If you want to do a bit of practice first, so that you can familiarize yourself with the general content and question types first, then that's fine - but you shouldn't wait too long to take that initial CAT. A FULL CAT takes about 3.5 hours to complete, so make sure that you've set aside enough time to take it in one sitting. Once you have those scores, you should report back here and we can come up with a study plan.
I'd like to know a bit more about your timeline and goals:
1) When are you planning to apply to Business School?
2) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich