Journal impact factor is a measure reflecting the yearly average number of citations to recent articles published in that journal. It is frequently used as a proxy for the relative importance of a journal within its field.
All journal in relation to contribution in literature ,philosophy ,Religion , Legal , Medical ,& also contributory ,scientific information are playing the fruitful part for the respective readers of their line .It is this contribution which may help the authors of respective areas to make their own review ,comments which may have certainly an impact of the valued readers of the concerned magazine .
In the previous answer, I wrote about original IF.
But allotment of IF do not run in smooth path. There are many complains about regional preference during allotment of IF.
Your comment is wrong. Many journals are there without IF having a huge number of citations. Even in the citation, there are group mutual beneficial system (a group of researchers citate their article each other) and journal hosting citation system (the large journal hosting agencies take provisions to citate the articles published in any of their journals at maximum). The issue is not so simple!
All journals have an impact factor. Even an impact factor of 0 is still an impact factor, but should not be reported. Since it is a measure of citations (as Hadeel has pointed out), it is simply a function of the journal and its papers.
There are several reasons a journal may not have an impact factor listed.
It may be new. Newer journals are less likely to list an impact factor since, in many areas, it is not computed until some number of years have passed.
It may be low. Impact factor is, in some sense, a measure of the quality of a journal so, if the score is embarrassingly low, the journal is less likely to report it.
It is not trivial to track / compute. Since indexing of journals is imperfect (note for example the discrepancies between Google Scholar and ResearchGate), an exact impact factor may be difficult to compute in some cases. I can't say I agree that Thompson-Reuters is the only impact factor but I certainly agree with Shibabrata that the concept is abused by predatory journals.
The company Clarivate Analytics decides according to their criteria what journals are included in their databases (SCI, SSCI) to calculate their impact factor