This study investigated the changes in performance and operating characteristics of an F-class gas turbine according to the change of working fluid from air to carbon dioxide. The revised gas turbine is the topping cycle of the semi-closed oxy-fuel combustion combined cycle. With the same turbine inlet temperature, the $CO_2$ gas turbine is expected to produce about 85% more power. The main contributor is the greater compressor mass flow and the added oxygen flow for the combustion. Compressor pressure ratio increases about 50%. However, the gas turbine efficiency reduces about 10 %. Modulation of inlet guide vane to reduce the compressor inlet mass flow, the major purpose of which is to reduce the compressor inlet Mach number, was also performed.