Step 1: Recall the formula.
The distance of any point \((x, y)\) from the y-axis is given by the absolute value of its x-coordinate. That is,
\[
\text{Distance} = |x|
\]
Step 2: Substitute the given point.
For the point \((7, 3)\), the x-coordinate is \(7\). Hence,
\[
\text{Distance} = |7| = 7
\]
Step 3: Conclusion.
Therefore, the distance of the point \((7, 3)\) from the y-axis is 7 units.