1. Git is a distributed version control system designed by Linus Torvalds to track changes in source code during software development. It allows for fast branching and merging of code. 2. In Git, code is stored on local and remote repositories. The basic Git workflow involves initializing a local repository, making changes to code, staging files, committing changes, and pushing commits to a remote repository. 3. Git provides tools to tag specific points in a code's history, such as releases. Tags can be annotated, with a message, to provide context around the code at that snapshot.