How do the indirect taxes affect the private business?

Indirect taxes causes an increase in prices...

But, first we would see the price elasticity of the product, that the business sells. If the price elasticity is high, then, the increase in prices would result in less sales. resulting in low profits.

On the other hand, if the price elasticity is low, it would not affect the business much. This is because the product would be in demand and people would be buying it because it costs a small proportion of the income or it is a basic necessity, for example: Bread. For this business, there would be a very small change in sales revenue and hence, profits.