First book good: see sin punished (7)
I believe the answer is:
genesis
'first book' is the definition.
(I've seen this before)
'good see sin punished' is the wordplay.
'good' becomes 'g' (abbreviation).
'punished' indicates an anagram.
'see'+'sin'='seesin'
'seesin' with letters rearranged gives 'enesis'.
'g'+'enesis'='GENESIS'
(Other definitions for genesis that I've seen before include "Origin; Bible book" , "Origin -- see sign (anag)" , "rock band" , "Origin or formation of something" , "Beginning (in the Bible)" .)