The following is from a work-in-progress called The Qur'an: a Book Report, in which I read each surah of the Qur'an and write about what I learn.
The context of this Meccan surah was religious conflict between the polytheists of Mecca and Muhammad's monotheistic community. The polytheists proposed a kind of compromise: Muhammad should worship their gods for one year, and they will worship his for a year. This surah was the reply to this proposal:
"Say [Prophet], 'Disbelievers, I do not worship what you worship, you do not worship what I worship, I will never worship what you worship, you will never worship what I worship: you have your religion and I have mine." The prophet's uncompromising devotion to God could also be interpreted as a kind of call for religious tolerance/pluralism: You have your religion, and I have mine.