GIT is a distributed version control system that allows tracking code revision history, sharing codebases with collaborators, and merging collaborator code. It offers advantages like performance through object-based storage, security through integrity checks, flexibility through branching and tagging, and open source acceptance. Potential disadvantages include a steep learning curve and slower performance for binary files. Common GIT commands include init, clone, status, add, commit, pull, push, branch, checkout, merge, and log.