We reanalyze dataset collected during 1998-2003 years by the low energy threshold (10 GeV) neutrino telescope NT200 in the lake Baikal in searches for neutrino signal from dark matter annihilations near the center of the Milky Way. Two different approaches are used in the present analysis: counting events in the cones around the direction towards the Galactic Center and the maximum likelihood method. We assume that the dark matter particles annihilate dominantly over one of the annihilation channels \(b\bar{b}\), \(W^+W^-\), \(\tau^+\tau^-\), \(\mu^+\mu^-\) or \(\nu\bar{\nu}\). No significant excess of events towards the Galactic Center over expected background of atmospheric origin is found and we derive 90% CL upper limits on the annihilation cross section of dark matter.