GIT is a distributed version control system that allows for collaboration by keeping track of changes made to source code over time. It keeps snapshots of files and allows users to work offline or disconnected from servers. Unlike centralized systems, GIT considers data as snapshots of files rather than file-based changes, and each user has a full copy of the repository. Users can commit changes to their local repository and then push them to remote repositories. Common commands include add, commit, push, pull, branch, merge, and status.