Hi Sekhar....

Bachelor Degree:

Most Australian business schools accept the three-year graduation system for entry into the MBA programme. So, if you have a three-year bachelor degree like Bachelor of Arts (BA), Bachelor of Commerce (BCom) or Bachelor of Science (BSc), this is acceptable as it is considered equivalent to an Australian Bachelor (Ordinary) Degree.

For most good Universities, a good first degree from a leading university in India or its equivalent is essential.

There are some universities that accept students for the MBA without a bachelor degree if they have considerable work experience and significant professional achievements.

Work Experience:

Most Australian business schools require a minimum of two to three years of work experience. This is essential.

AMBA Accredited MBA Programs: 
All AMBA accredited MBA programmes require a minimum of three years of full-time work experience.

No Work Experience:
There are around five to six Australian business schools that accept students who have no experience for direct entry into the MBA programme.

GMAT:

GMAT is accepted and recommended by many universities. However, many Australian universities are flexible about this criterion and this is not a mandatory requirement for admission to many Australian MBA programmes.

So, unless, you aiming for top schools like Melbourne Business School, you need not worry about the GMAT.