Overall meaning :
Allah says to His Prophet, Muhammad, may Allah bless him and grant him peace: Are you not amazed how those among the Jews, the Christians and others praise themselves and consider themselves pure and free from sins and faults, even though the truth is not what they think it is? For it is only Allah who purifies whomever He wills of His servants who are truly deserving of praise, and He never does even the least injustice to any of His creatures. Look how these liars invent falsehoods about Allah, and this is enough in itself as a manifest sin.
He further says to His Prophet, may Allah bless him and grant him peace: Are you not amazed that the Jews have been granted a share of divine revelations—the Torah—and yet they believe in anything that has no benefit whatsoever in religion (such as magic) as well as all manner of false deities, and they say that the unbelievers are better guided than the believers. Allah has surely expelled such Jews from His mercy, and you, Muhammad, will not find anyone to help and protect those whom Allah has expelled from His mercy and grace.
Do these Jews have a portion of Allah’s Kingdom so that they may favour whomever they please according to their whims? Rather, they have no share whatsoever in divine Kingdom, and even if they did, they would give people nothing at all, no matter how small it may be. Or do they envy the Prophet, may Allah bless him and grant him peace, for having been granted prophethood when he is descended from the Arabs and not from the Children of Israel, and envy his companions for believing and supporting him? Why would they envy them when this is not the first bounty Allah has bestowed upon His servants? Indeed, Allah has already bestowed His bounty upon their ancestors, by giving the descendants of Abraham prophethood, sending down books to them, granting them wisdom and conferring upon them a great kingdom.
Some among the People of the Book have believed Muhammad, may Allah bless him and grant him peace, and the Qur’an that has been revealed to him, but some others have rejected him and his message and dissuaded people from believing him. Sufficient for such unbelievers as punishment is the blazing fire of Hell in which they will burn.
Allah Almighty then states that those who disbelieve His revelations will be cast into the Fire which will burn them. Every time their skins are burned off, He will replace them with new skins so that they will perpetually feel the pain of punishment. Surely Allah is All-Mighty, All-Wise.
As for those who believe and do good deeds, He will admit them into gardens beneath which rivers flow, to abide and enjoy eternal bliss there forever. They will have spouses of perfect physical and moral purity there, and Allah will admit them into plenteous, cool, refreshing shade.