A smart city is an urban area that collects data using various electronic methods and sensors. Smart cities rely on Information and Communication Technologies (ICT) and aim to improve the quality of services by managing public resources and focusing on comfort, maintenance, and sustainability. The fifth generation (5G) of wireless mobile communication enables a new kind of communication network to connect everyone and everything. 5G will profoundly impact economies and societies as it will provide the necessary communication infrastructure required by various smart city applications. Intelligent Transporting System (ITS) is one of the many smart city applications that can be realized via 5G technology. The paper aims to discuss the impact and implications of 5G on ITS from various dimensions. Before this, the paper presents an overview of the technological context and the economic benefits of the 5G and how key vertical industries will be affected in a smart city, i.e., energy, healthcare, manufacturing, entertainment, and automotive and public transport. Afterward, 5G for ITS is introduced in more detail.