Department of Commerce was established in 1972 at the very outset of the Faculty of Management Studies and Commerce. It offered the prestigious B.Com (special) degree in English medium. The department commenced an external degree program in Commerce for externally registered students and offered a four year B.Com (special) external degree program in 1975. Later in 1996, B.Com (special) external degree program was replaced by a three year general external degree programme in Commerce including fifteen (15) subjects.
With the emerging requirements of the society particularly in higher education sector, the department identified that the programme needed to shape and align with the emerging realities in wider society. The department revised existing degree pragramme in 2012 and the revised curriculum consists of eighteen (18) compulsory courses and one (01) non-credit course. The department provides a highly reputed and successful B.Com (General) external degree program in Sinhala and English mediums.