USA

Vihaan, GMAT is required for almost all universities in US. It is also one of the most important criteria for admissions. If you are planning to study in a US business school, you must score high in this exam. For international students, GMAT is required not just for admission but also for student visa. Your chances of getting a student visa to US are weakened if you do not take the GMAT, even if you have an admission from a business school.
If you have a three year degree from an Australian, Indian, New Zealand university or such similar three year degree programs, you will not be eligible for admission to most MBA programs so, the advisable plan of action to maximize eligibility for US business schools is to do a Post Graduate degree like M.Sc, MA or M.Com, before applying to business schools in USA. Or you would require a professional four-year degree like engineering or other such courses.
There are many good Indian universities universities too that accept GMAT scores for admission to MBA and fees there would be comparatively less. Many universities offer good placements to students. Check websites of some Indian universities too along with US universities.
Good luck.