Hello,

It like a selection criteria. You will get selected on the basis of scored you have secured in the GATE exam. Just like Jee main exam.  There rank is considered , the person who satisfies the cutoff gets an admission.

In the very same way, your score will make your eligible for Masters' course. This is the only significance. GATE score also helps you to get jobs in private sectors and some companies joins candidates on the basis of gate score and some keep screening tests like interviews to give provide a job.

You can appear your GATE exam in your 8 semester. If you really want to have a good score then start preparing from now. You are just starting the syllabus for your branch. Syllabus of gate is highly contributed from 2nd and 3rd year semester syllabus. You can get the syllabus respective to your branch from the official webpage.

Hope it helps!