God's Truth
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That is close to what the verse is stating, but it goes deeper than that.
Ephesians 2:8
8 For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:
The word gift is a specific Greek word, g1435 δῶρον dōron, in 17 times out of the 19 times it is found in the New Testament it is referring to offering sacrifices to God in the Temple.
(one exception is Revelation 11:10, the other possible exception is this verse)
Also, the Greek does not state that it is a gift from God; The phrase used is for a gift that belongs to God.
Paul is stating that our salvation is a gift that God has given to Himself because we have found favor in His sight (Grace) through our faith.
Paul is saying we are not saved anymore by doing the purification/ceremonial works of the law, i.e. circumcision, adherence to a dietary law, observance of special days, various external washings after natural discharges, and animal sacrifices, etc.
We are made pure now by faith that Jesus' blood cleaning us of the sins we repent of doing.
The gift is the Holy Spirit and eternal life by God giving this to those who believe and obey Jesus.