Prospects brightened for the United Progressive Alliance government’s ambitious indirect taxes reform after it showed willingness to compensate states for potential losses and to change the structure of the proposed Goods and Services Tax (GST). The Centre has agreed to frame new guidelines for the GST compensation, an official said. The government has decided to constitute two panels to address the issues . “This was my first meeting with the group of state finance ministers and I am very happy to report that the meeting was cordial and productive,” Finance Minister P Chidambaram said after the two-hour meeting.