diff --git a/ballerina/Ballerina.toml b/ballerina/Ballerina.toml
index 6da7a5f..53f7b47 100644
--- a/ballerina/Ballerina.toml
+++ b/ballerina/Ballerina.toml
@@ -1,13 +1,13 @@
 [package]
 org = "ballerina"
 name = "task"
-version = "2.4.0"
+version = "2.5.0"
 authors = ["Ballerina"]
 keywords = ["task", "job", "schedule"]
 repository = "https://github.com/ballerina-platform/module-ballerina-task"
 icon = "icon.png"
 license = ["Apache-2.0"]
-distribution = "2201.7.0"
+distribution = "2201.8.0"
 
 [platform.java17]
 graalvmCompatible = true
@@ -15,8 +15,8 @@ graalvmCompatible = true
 [[platform.java17.dependency]]
 groupId = "io.ballerina.stdlib"
 artifactId = "task-native"
-version = "2.4.0"
-path = "../native/build/libs/task-native-2.4.0.jar"
+version = "2.5.0"
+path = "../native/build/libs/task-native-2.5.0-SNAPSHOT.jar"
 
 [[platform.java17.dependency]]
 path = "./lib/quartz-2.3.2.jar"
diff --git a/ballerina/Dependencies.toml b/ballerina/Dependencies.toml
index 51c32fe..e88c706 100644
--- a/ballerina/Dependencies.toml
+++ b/ballerina/Dependencies.toml
@@ -5,7 +5,7 @@
 
 [ballerina]
 dependencies-toml-version = "2"
-distribution-version = "2201.7.0"
+distribution-version = "2201.8.0-20230726-145300-b2bdf796"
 
 [[package]]
 org = "ballerina"
@@ -39,7 +39,7 @@ modules = [
 [[package]]
 org = "ballerina"
 name = "task"
-version = "2.4.0"
+version = "2.5.0"
 dependencies = [
 	{org = "ballerina", name = "jballerina.java"},
 	{org = "ballerina", name = "lang.runtime"},
@@ -66,7 +66,7 @@ modules = [
 [[package]]
 org = "ballerina"
 name = "time"
-version = "2.3.0"
+version = "2.4.0"
 dependencies = [
 	{org = "ballerina", name = "jballerina.java"}
 ]
diff --git a/build-config/resources/Ballerina.toml b/build-config/resources/Ballerina.toml
index 9bd7f2d..8bb6171 100644
--- a/build-config/resources/Ballerina.toml
+++ b/build-config/resources/Ballerina.toml
@@ -7,7 +7,7 @@ keywords = ["task", "job", "schedule"]
 repository = "https://github.com/ballerina-platform/module-ballerina-task"
 icon = "icon.png"
 license = ["Apache-2.0"]
-distribution = "2201.7.0"
+distribution = "2201.8.0"
 
 [platform.java17]
 graalvmCompatible = true
diff --git a/gradle.properties b/gradle.properties
index 577e39b..c068253 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,12 +1,8 @@
 org.gradle.caching=true
 group=io.ballerina.stdlib
-version=2.4.1-SNAPSHOT
-ballerinaLangVersion=2201.8.0-20230726-145300-b2bdf796
-
-stdlibTimeVersion=2.3.0
-
-quartzVersion=2.3.2
+version=2.5.0-SNAPSHOT
 
+ballerinaLangVersion=2201.8.0-20230726-145300-b2bdf796
 axiomVersion=1.2.22
 puppycrawlCheckstyleVersion=10.12.0
 ballerinaGradlePluginVersion=2.0.1-SNAPSHOT
@@ -14,3 +10,8 @@ githubSpotbugsVersion=5.0.14
 githubJohnrengelmanShadowVersion=7.1.2
 underCouchDownloadVersion=5.4.0
 researchgateReleaseVersion=2.8.0
+
+quartzVersion=2.3.2
+
+#stdlib dependencies
+stdlibTimeVersion=2.4.0-20230810-115600-b28bb07