Bhashya
यत्र न मृत्युः प्रविशति यत्र न दुःखं सदानन्दं परमानन्दंशाश्वतं शान्तं सदाशिवं ब्रह्मादिवन्दितं योगिध्येयं यत्रगत्वा न निवर्तन्ते योगिनः तदेतत्स्थानम् ऋचाभ्युक्तं विष्णो-र्यत्परमं पदमिति ।यच्छब्देन क्षीरोदार्णवस्थानं परामृश्यते,परमपदप्रत्यभिज्ञानात् ।सूरयः उपासकाः उपासनाभेदेन ता-दात्म्यमुपासनाया चेत् सायुज्यं फलं ततश्च विष्णुरेव परमंपदम् ।उभयत्रापि विष्णोरिति षष्ठीनिर्देशः शिलापुत्रकस्य श-रीरमितिवद्द्रष्टव्यः ।अथ उपास्योपासकभावेन चेदनुष्ठेयविद्यातस्य नृसिंहस्य विष्णोः परमं पदं परमं स्थानं महाचक्रना-भिक्षीरोदार्णवप्रभृति तत्र स्थिताः उपासकाः अनुष्ठातारःजप्तारः अध्येतारो वा सदा सर्वकालं पश्यन्ति ।कीदृशंतदित्यपेक्षिते, आह—दिवीव द्युलोक इव चक्षुः ख्यातेःसूर्यमण्डलम् आततम् आ समन्तान् ततं विस्तृतं वर्तुलं प्र-काशात्मकं सर्वप्रकाशाभिभवकारणम् अत. सूर्यचन्द्रनक्षत्रा-दीनां ब्रह्मणि प्रवेशः प्रतिषिद्धः तपकर्तृता च यत्र सूर्यो नतपतीत्यादिना ।एवं तस्मिन् आधिदैवात्मके दुःखे प्रति-षिद्धे आध्यात्मिकदुःखप्राप्तौ तत्प्रतिषेधति— यत्र न दुःख-मिति ।विदुःखता दुःखाभावमात्रे प्राप्ते, सुषुप्तवज्जडता स्या-दिति तद्व्यावृत्त्यर्थं सदानन्दमिति ।ब्रह्मादिवन्दितमिति ।
In plain words
Where death cannot enter, where sorrow has no place at all -- unbroken bliss, the highest bliss, eternal, at rest, forever kind, praised by Brahmā and every god, the very thing yogis hold in meditation -- once a yogi arrives there, he never comes back. This is the place the old verse means by 'the supreme step of Viṣṇu.' The word 'that' in the verse points straight at the Ocean of Milk, because we already recognize it as this same supreme step. 'The wise' simply means those who worship. And here a real choice opens up: if worship's fruit is becoming one with the deity -- full union -- then Viṣṇu himself is that supreme step. Either way, when the verse says 'of Viṣṇu,' read it the way you'd read 'the body of the stone figure' -- not as one thing owning another, but as one thing named twice. Or, if the practice instead keeps worshipper and worshipped as two, then the supreme step of that Man-Lion, of Viṣṇu, is a real place: the whole span from the navel of the great cosmic wheel out to the Ocean of Milk. Everyone settled there -- worshippers, practitioners, reciters, students, whatever you call them -- sees it, always, without exception. And if you ask what it even looks like, here's the answer: 'like the sky' means like the heavens themselves; 'an eye' is just the common way of naming the sun's disc; 'stretched wide' means spread out in every direction, vast, round, pure light, the one brightness that outshines every other. That is exactly why the sun, moon, and stars can never step into Brahman, and why none of them can burn or scorch there -- which is what 'the sun does not scorch' already told us. So once that outer, elemental kind of suffering is ruled out, a subtler worry remains: what about suffering that comes from within, from the self? The verse rules that out too, with 'there is no sorrow.' But be careful -- if you took that as nothing more than the absence of pain, you'd end up with the blankness of dreamless sleep, not bliss. That is exactly why the verse doesn't stop there: it adds 'ever-bliss,' to make sure you don't mistake emptiness for joy. And 'praised by Brahmā and the rest' carries its own point too.
Close to the Sanskrit
Where death does not enter, where there is no sorrow -- ever-bliss, supreme bliss, eternal, at peace, ever-auspicious, praised by Brahmā and the rest, the object of yogis' meditation -- where, having gone, the yogis do not return: this is that place declared by the Ṛgvedic verse, 'the supreme step of Viṣṇu.' By the word 'yat' the place of the Ocean of Milk is referred to, because of the recognition of it as the supreme step. 'The wise' means the worshippers. By a difference in worship: if the fruit of worship is identity -- that is, if the fruit is union -- then Viṣṇu himself is the supreme step. In both cases, the genitive expression 'of Viṣṇu' is to be understood just as in 'the body of the stone doll.' Now, if the teaching to be practiced proceeds by way of a worshipped-and-worshipper relation, then the supreme step -- the supreme abode -- of that Nṛsiṃha, of Viṣṇu, is the region beginning from the navel of the great wheel and extending to the Ocean of Milk; those situated there -- the worshippers, the practitioners, the reciters, or the readers -- see it always, at all times. When the question 'of what sort is that?' is anticipated, he says: '[like] in the sky' means like the heavenly world; 'an eye,' by common usage, means the orb of the sun; 'stretched out' means extended on every side, spread wide, round, of the nature of light, the cause that overpowers all other light -- therefore the entry of the sun, moon, stars, and the rest into Brahman is denied, and so is their function as agents of heat, by the words 'where the sun does not scorch,' etc. Thus, once that suffering of the nature belonging to the deities has been denied, upon the possible occurrence of suffering belonging to the self, he denies that too, with 'where there is no sorrow.' If mere absence of suffering were understood, there would be dullness as in deep sleep -- to exclude that, [he adds] 'ever-bliss.' [And likewise for] 'praised by Brahmā and the rest.'