Serpent's fantastic here! (7)
I believe the answer is:
present
'here' is the definition.
(similar in meaning)
'serpent's fantastic' is the wordplay.
'fantastic' indicates anagramming the letters (a fantastic or improbable ordering of the letters).
'serpent' with letters rearranged gives 'PRESENT'.
(Other definitions for present that I've seen before include "Give - what's received at Christmas?" , "Exhibit" , "something not seen under a tree every day" , "Hand over < donation" , "host" .)