To answer this question, it would be preferable to know what your goals are.

If you are corporate job oriented, an MBA is a good option. A B.Com degree doesn't garuntee a good employment opportunity in India. An MBA would help you enhance your skills, knowledge and make you employable. (if you do it from a good enough college that is).

On the other hand, if you want to go into the teaching profession, a M.Com degree does come in handy along with a teachers course.

There are other options you can consider, like a CFA degree or even C.A.