No , LSAT exam is not for admission in a MBA college , this test is conducted for admission in a law college .

To get admission in a good MBA college you have to appear in MBA entrance exam .

MBA entrance exams :

Entrance Exam Tentative Month for exam
CAT November
IRMA November
IIFT November
MAT September, December, February & May
SNAP December
IBSAT December
NMAT December
XAT January
TISS January
ATMA February
CMAT February
MAH-CET February/March
CUSAT June
PAM-CAT June/July
MET-MP July
TANCET May
OCET June
UP-SEE April
Orissa JEE May
GCET July
KMAT July
RMAT June
UPMCAT May

Top B-schools in India:

Faculty of Management Studies (FMS), University of Delhi, Delhi
Indian Institute of Management Ahmedabad (IIMA)
Indian Institute of Management Bangalore (IIMB)
Indian Institute of Management Calcutta (IIMC)
Indian Institute of Management Kozhikode (IIMK)
Indian Institute of Management Lucknow (IIML)
Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
S. P. Jain Institute of Management & Research (SPJIMR), Mumbai
Shailesh J. Mehta School of Management (SJMSOM), Indian Institute of Technology Bombay (IITB)
XLRI Xavier Institute of Management, Jamshedpur
Department of Management Studies (DMS), Indian Institute of Technology Delhi (IITD)
Indian Institute of Foreign Trade (IIFT), Kolkata
Indian Institute of Foreign Trade (IIFT), New Delhi
Indian Institute of Management Indore (IIMI), Indore
Indian Institute of Management Indore (IIMI), Mumbai campus
Indian Institute of Management Raipur (IIMR), Raipur
Indian Institute of Management Ranchi (IIM-Ra), Ranchi
Indian Institute of Management Rohtak (IIM-Ro), Rohtak
Indian Institute of Management Trichy (IIMT), Trichy
Indian Institute of Management Udaipur (IIMU), Udaipur
Indian Institute of Management Kashipur (IIM-Ka), Kashipur
Management Development Institute (MDI), Gurgaon
Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
Rajiv Gandhi Indian Institute of Management (RGIIM), Shillong
Tata Institute of Social Sciences (TISS), Mumbai