@iamwhoiam123
It has to be a formal attire(Tie and Blazer). Looks really good on the video.
Some tips while taking the interview on Skype:
Make sure there is enough lighting in the room.
Keep a data card(Tata, Reliance, etc) handy in case power goes off!
Make sure the back ground is neat (Curtains with pleasant color or a neatly painted wall will surely help).
Keep your mobile fully charged. Sometimes the Skype may crash in the Adcom's system (has happened to me once :D). Under such circumstances, the interview will be telephonic.
Login to Skype 15 minutes before the interview.
Make sure you have aligned the camera properly.
Make sure you don't give awkward expressions (looks really bad on cam).