CAT

Rimjhim, Eligibility Criteria (Qualifying Exam) for MBA is Pass with 50% aggregate marks in Bachelors degree (any discipline) or equivalent subject to qualifying LPUNEST-2016 or CAT/MAT/XAT and Interview
OR
In case marks scored in graduation are 60% or above, then LPUNEST-2016 or CAT/MAT/XAT will be exempted and candidate may apply for admission subject to qualifying Interview.
So, as per the criteria given above CAT is not compulsory if you have valid LPUNEST score. If you have 60% or above you can get admission after clearing interview.
For more information, visit LPU camp office in your town http://www.lpu.in/admission/lpu-in-your-town.php#lpu-town

well its upto you.both have their advantages like in SSC their is a hard competition but if you get selected you will get a well paid government job with no such big amount of expenses in preparation while on the other side in CAT you have to prepare for it, trying to score more than 90+ percentile for good colleges and you have to go straight 2 years PGDM program which is also very costly but if you get a good college I am sure you will get a very high placement.The 3rd option is if you want to try both than my suggestion is please take coaching for CAT, it will also prepare you for SSC bcoz if we compare, CAT exam is more difficult than ssc

TheCommon Admission Test(CAT) is acomputer based test held in India. The test scores a candidate on the bases ofQuantitative Ability (QA),Verbal Ability (VA) and Reading Comprehension (RC), Data Interpretation (DI)andLogical Reasoning (LR). on basis of this they select students for business administration programs. The test is conducted every year by one of the IIMs based on a policy ofrotation.The Quantitative Aptitude section comprises of fundamental mathematics, based on 10 + 2 difficulty level. Problems are found to appear from various topics like Arithmetic, Algebra, Geometry and Commercial Mathematics (Word Problems). The questions are largely based on application of mathematics to solve real-time problems.The Data Interpretation and Logical Reasoning section comprises of questions which are askedbased on the given data. The data given might be in the form of graphs, charts, tables and paragraphs. Data Interpretation problems test the candidate's understanding of the data and the ability to solve problems accurately. Logical Reasoning questions check the candidate's ability to ratiocinate and evaluate problems.The Verbal Ability section comprises of questions on comprehension and usage of standard English grammar. Verbal Logic questions test the candidate's knowledge of arranging paragraphs in a logical order, determining the type of statements, completing the paragraphs in an appropriate way.
#Coming to next Question How beneficial it is in future I guess Placements stats of IIM's say for itself I have nothing to say.
thanks