New Delhi, Sept. 5 -- The Diwali gift promised by Prime Minister Narendra Modi arrived early. Previously expected around Diwali, the sweeping reforms to the goods and services tax (GST) were approved earlier this week and are ready to be rolled out on 22 September.

Markets cheered the surprise prompt delivery. Nifty opened 1% higher following the announcement. But as the fine print surfaced, the exuberance gave way to scepticism in some counters. Apparel and footwear were among the sectors where GST 2.0 propped up some stocks while dragging down others. Let's explore.

Along with many mass-consumption items, apparel meant for the masses has been placed under the 5% bracket. To be sure, apparel under Rs.1,000 was already taxed at 5%, whil...