Dish gin out — it’s a party! (7)
I believe the answer is:
shindig
'a party' is the definition.
(shindig is a kind of party)
'dish gin out' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'dish'+'gin'='dishgin'
'dishgin' with letters rearranged gives 'SHINDIG'.
'it's' acts as a link.
(Other definitions for shindig that I've seen before include "Hooley" , "Lively party, knees-up" , "wild party" , "commotion" , "Noisy disturbance" .)