Citations play a vital role in understanding the impact of scientific literature. Generally, citations are analyzed quantitatively whereas qualitative analysis of citations can reveal deeper insights into the impact of a scientific artifact in the community. Therefore, citation impact analysis (which includes sentiment and intent classification) enables us to quantify the quality of the citations which can eventually assist us in the estimation of ranking and impact. The contribution of this paper is two-fold. First, we benchmark the well-known language models like BERT and ALBERT along with several popular networks for both tasks of sentiment and intent classification. Second, we provide ImpactCite, which is XLNet-based method for citation impact analysis. All evaluations are performed on a set of publicly available citation analysis datasets. Evaluation results reveal that ImpactCite achieves a new state-of-the-art performance for both citation intent and sentiment classification by outperforming the existing approaches by 3.44% and 1.33% in F1-score. Therefore, we emphasize ImpactCite (XLNet-based solution) for both tasks to better understand the impact of a citation. Additional efforts have been performed to come up with CSC-Clean corpus, which is a clean and reliable dataset for citation sentiment classification.